Commentary: What’s behind the concern over Allianz’s bid for Income Insurance?

SINGAPORE: Promoting 51 per cent of Profits Insurance protection to German insurer Allianz correct two years after corporatisation is an surprising shock to many of of us that price its social mission of serving the of us of Singapore.

It is at variance with the yarn of 2022, when NTUC Profits the insurance co-operative was Profits Insurance protection the corporation.

There is no such thing as a investment to beef up Profits Insurance protection’s capabilities, regional or technological – one thing emphasised in 2022, together with assurances that the shift in corporate structure would no longer fundamentally exchange the mission and values of NTUC Profits but would better space it for future challenges and alternatives.

As a replacement, the deal appears to be like to be a mechanism for NTUC Venture and varied shareholders to money out with big positive aspects. NTUC Venture cashing out used to be no longer discussed or did not characteristic straight within the 2022 yarn.

The belief within the intervening time used to be that NTUC Venture would remain a majority shareholder in NTUC Profits. And this belief used to be communicated to me in writing by the Independent Directors of NTUC Profits (copied to the Board of NTUC Profits and NTUC Venture chairman Lim Boon Heng) in early 2022.

This belief used to be breached in much less than two years after Profits Insurance protection used to be corporatised. With these as a backdrop, it is exhausting to regard any longer commitments made significantly.