Following the completion of the deal with Allianz, Singapore-based Income Insurance will continue to offer affordable insurance to customers with low income, according to NTUC Enterprise chairman Lim Boon Heng on Thursday ( Jul 25 ), amid concerns about the German business purchasing a majority stake in the Singapore co-operative.
“NTUC Organization will also continue to be an effective shareholder of Income Insurance to keep it on track and make social commitments to its insurers,” said Mr. Lim.
Allianz, a German company, announced on July 17 that it would be looking to purchase a lot interest in Income Insurance for about US$ 1. 6 billion.
It stated that it would provide S$ 40. For a S$ 2 exchange value, the price is 58 per share. 2 billion ( US$ 1. 64 billion ), for 51 per cent of the securities in Income Insurance.
A 72 is now held by NTUC Enterprise. 8 per share interest in Income. If the purchase is successful, it will continue to be a significant investor.
In his explanation on Thursday, Mr Lim said Income may continue to “price its goods really competitively”.
He stated once more that it would continue to participate in regional plan initiatives in collaboration with the CPF Board.
Bringing in a “global person with confirmed plan and resource management capabilities” may help Income” engage more effectively”, Mr Lim said.
” Income Insurance’s life insurance market share has been less than 10 per cent in the past 10 times,” he added.
” Information Security’s offer to be a lot investor will make it even more related and resilient over the long term, to support individuals in Singapore, and to fulfill its obligations to its policyholders,” said Allianz.
A solid, growing, and expanding insurance company will guarantee their expectations are met because coverage has a long tail: People buy guidelines when they are young and rely on them when they are older. “