[Consolidated] Income Insurance, Allianz in talks on tie-up, seeking regulatory approval

[dambio]

... The fraying of the proposed union between German insurer Allianz and Singapore’s Income Insurance has left people close to the matter shell-shocked and red-faced.

... Sources told The Straits Times that parties who would normally have been kept abreast of developments in the proposed deal were not told in advance about the Government’s move on Oct 14 to halt the planned marriage.

... Key people close to the proposed deal said the decision was kept to a small group and that they were not privy to the decision, which has been described as “a total shock”.



Think can write off NCM's comeback liao.

LW prolly does not like him or has someone else in mind for Defence Minister portfolio.

Also, Lim Boon Heng will have to step down for pushing a deal not in the best interest of stakeholders such as customers, employees and the government.

This will also pave the way for HSK to be off-ramped to take on the roles Lim Boon Heng vacates from Temasek and NTUC.

Kill many birds with one stone.

Not bad for the 5-month old PM.



Full article:

After ge maybe d deal back on again. No need worry.

Is our gov getting populist?

 

[cloh2023]

The deal is off for 2 days already. Please vacuum the floor and life goes on ok people. Stop asking so much when the directors are facing difficulties now that they don’t get their bonus from the capital extraction.

 

[Whimsica]

After ge maybe d deal back on again. No need worry.

Is our gov getting populist?

Deal may be back but LBH and NCM might not.

Some other guys might push for IPO or merger.

And yah can see the direction shift with all the u-turns and handouts.

 

[Whimsica]

The deal is off for 2 days already. Please vacuum the floor and life goes on ok people. Stop asking so much when the directors are facing difficulties now that they don’t get their bonus from the capital extraction.

No bonus nia?

For endorsing a bad deal and later trying to justify it by saying it will help grow Income when the reality is the investment money does not go into Income and there are plans even before Allianz becomes a shareholder to raid the reserves built up by all the previous management teams, the Chairman and CEO should be fired.

 

[jeffprobst]

think after election, this talk will resume again bah.

 

[Jjxjjjyy]

Can samurai

 

[OtterJoyful]

If income is not sold, ntuc need to use money to pump capital into income, which means less money for Brother Ng.

please be understanding. Brother ng took a huge pay cut after his previous position as a minister.

 

[Whimsica]

Wow so fast disclaimer lai liao - 6.39pm news.

NCM is now safe cos he donch noe.



https://www.channelnewsasia.com/sin...ow-capital-reduction-plan-desmond-tan-4682446

Income-Allianz deal: NTUC central committee did not know about capital reduction plan, says Desmond Tan​

SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16).

Responding to questions from MPs during the debate on the Insurance (Amendment) Bill, Mr Tan, who is also senior minister of state in the Prime Minister's Office, said that NTUC is a major shareholder of NTUC Enterprise, but does not get involved in the day-to-day running of operations.

He said that the NTUC’s central committee was briefed by NTUC Enterprise and Income Insurance on the “strategic imperatives” for the deal, but the capital reduction plan was not highlighted to the central committee.

“In fact, the central committee and myself only knew of this on Monday at the ministerial statement,” said Mr Tan.

The proposed Income-Allianz deal had sought to decrease the capital held by Income, returning some S$1.85 billion to shareholders within three years.

 

[Whimsica]

If income is not sold, ntuc need to use money to pump capital into income, which means less money for Brother Ng.

please be understanding. Brother ng took a huge pay cut after his previous position as a minister.

Please read up before commenting.

Income got at least $1.85 billion and is highly profitable.

 

[OtterJoyful]

SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16).

Responding to questions from Members of Parliament (MPs) during the debate on the Insurance (Amendment) Bill, Mr Tan said that NTUC is a major shareholder of NTUC Enterprise, but does not get involved in the day-to-day running of operations.

NTUC Enterprise holds a 72.8 per cent stake in Income Insurance.

Mr Tan said that the NTUC’s central committee was briefed by NTUC Enterprise and Income Insurance on the “strategic imperatives” for the deal, but the capital reduction plan was not highlighted to the central committee.

“In fact, the central committee and myself only knew of this on Monday at the ministerial statement,” said Mr Tan, who is also senior minister of state in the Prime Minister's Office.

"And as I'm made aware now, from clarifications with (NTUC Enterprise) and Income, Income as a non-listed public company would have to comply with the legal responsibility of non-disclosure of commercially sensitive information on Allianz's plans post acquisition ... because as a non-listed public company ... Income is subject to the Singapore code of takeover and mergers."

The proposed Income-Allianz deal had sought to decrease the capital held by Income, returning some S$1.85 billion to shareholders within three years

CONCERNS FROM MPS​

Mr Tan was responding to questions from two MPs on the NTUC leadership's knowledge of the deal.

Nominated MP Raj Joshua Thomas pointed to an Aug 5 statement from NTUC president K Thanaletchimi and secretary-general Ng Chee Meng stating that Income would only be able to “continue to fulfil its social mission” if it has access to additional resources to scale up.

"So this begs the question – whether Income had briefed the NTUC leadership of the proposed initiative to reduce share capital," Mr Thomas said.

"I think that Income has a bit of explaining to do," he added.

Non-Constituency MP Leong Mun Wai presented similar questions during the close to four hours of debate, asking if NTUC’s leadership was briefed on the full details of the transaction, including the capital reduction plan.

Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday that the deal had been blocked by the government.

Under the proposed transaction, which was announced on Jul 17, Allianz would have acquired a majority stake in Income. The announcement triggered a public outcry, with concerns over whether Income would continue its social mission.

Mr Tong said the government has decided that the deal in its current form would not be in the public interest.

While the government will not allow the proposed transaction to proceed, it is open to new arrangements if the concerns highlighted are fully addressed, said Mr Tong.

INCOME'S SOCIAL MISSION​

Mr Tan also reiterated the social mission of Income, with efforts such as providing low-cost insurance schemes and keeping premiums affordable for lower-income workers.
NTUC’s social mission also extends beyond insurance into areas such as education and training and eldercare, he noted.
He said the government and NTUC both share the same strategic intent and broader objectives for Income and the co-op movement.
“But as far as the specifics of this transaction (are) concerned, there is now perhaps a difference in view, as (the) Minister (of) MCCY has clearly laid out the concerns over circumstances behind Income’s corporatisation and the minister's exemption given, as well as the terms and structure of the proposed transaction,” he said.
Mr Tan added that NTUC has reviewed the matter and accepts the government's considerations and decisions on the proposed transaction, and that it supports the Bill to amend the Insurance Act.
Source: CNA/fk

https://www.channelnewsasia.com/sin...46?cid=internal_sharetool_iphone_16102024_cna

 

[archie7]

all those from SAF come out to become politicians
skin very thick one right?

 

[The_Davis]

SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16).
Responding to questions from MPs during the debate on the Insurance (Amendment) Bill, Mr Tan, who is also senior minister of state in the Prime Minister's Office, said that NTUC is a major shareholder of NTUC Enterprise, but does not get involved in the day-to-day running of operations.
He said that the NTUC’s central committee was briefed by NTUC Enterprise and Income Insurance on the “strategic imperatives” for the deal, but the capital reduction plan was not highlighted to the central committee.
“In fact, the central committee and myself only knew of this on Monday at the ministerial statement,” said Mr Tan.
The proposed Income-Allianz deal had sought to decrease the capital held by Income, returning some S$1.85 billion to shareholders within three years.
This is a developing story. Refresh for updates.

https://www.channelnewsasia.com/sin...46?cid=internal_sharetool_iphone_16102024_cna

Can fire him? Really Jiak Liao bee

such a serious matter can say don’t know.
Don’t even know how to pretend

oh wait, got meeting minutes
So he scared kanna raeshed?

 

[Baddieko]

... The fraying of the proposed union between German insurer Allianz and Singapore’s Income Insurance has left people close to the matter shell-shocked and red-faced.

... Sources told The Straits Times that parties who would normally have been kept abreast of developments in the proposed deal were not told in advance about the Government’s move on Oct 14 to halt the planned marriage.

... Key people close to the proposed deal said the decision was kept to a small group and that they were not privy to the decision, which has been described as “a total shock”.



Think can write off NCM's comeback liao.

LW prolly does not like him or has someone else in mind for Defence Minister portfolio.

Also, Lim Boon Heng will have to step down for pushing a deal not in the best interest of stakeholders such as customers, employees and the government.

This will also pave the way for HSK to be off-ramped to take on the roles Lim Boon Heng vacates from Temasek and NTUC.

Kill many birds with one stone.

Not bad for the 5-month old PM.



Full article:

Its obviously infighting between left and right faction. MAS is under LW block the deal. NTUC under NCM endorse to corporatize Income in 2022 and want to sell it for profits. Now we have to ask who are the shareholders in Income.

 

[dezzo69]

how about GST ?
undo GST ley ...
skill future also useless tax expenses ...
undo ley ...

if now remove all the MRT upgrade + skillfuture
MRT is about 9b ... skillfuture should be 1b
GST take in 14b
so by removing those 2
GST only need 2 or 3%

my friend said, GST is peh hoon. once injected, addicted for life. can only want more and more peh hoon... and he said this 10 years ago.

even malaysia abolished GST but made up a new tax to replace it.

 

[Atrina_Boy]

so who is telling the truth or lying all this while?

 

[Tetsuconek]

Monitor some more lor.. monitor untill dunno.. need many people like Tommy Koh and ex NTUC ceos to come out and raise red flags.

I feed real monitor lizards better than feeding these JLB monitoring ministers

 

[dambio]

Deal may be back but LBH and NCM might not.

Some other guys might push for IPO or merger.

And yah can see the direction shift with all the u-turns and handouts.

Reputation of sg gov just took a hit. Now become like they gov tat will go back in it's words.

Let's c if coming ge their percentage will fall below 60% anot. Or will be glaring like ong lai.

 

[Whimsica]

The need for capital​

In Monday’s statement, Thanaletchimi and Ng said: “For Income, the key to financial sustainability is capital adequacy.”

They noted that the insurer’s capital buffers have repeatedly come under pressure – from the Asian Financial Crisis in 1997, through Sars in 2003 and the Global Financial Crisis in 2009, to the Covid-19 pandemic.

NTUC Enterprise itself has put significant amounts into Income over the years. Between 2015 and 2020, including when Covid-19 hit us, NTUC Enterprise injected a total of S$630 million into Income,” they said.

“As a shareholder, NTUC Enterprise will continue to support Income. But it cannot do so alone.”

https://www.businesstimes.com.sg/co...pital-order-stay-financially-sustainable-ntuc

This is a 5 Aug article.

Many new facts have emerged hence this thread and hence my suggestion to get up to date first.

 

[Jjxjjjyy]

Sure Bo read first page of docu nia?

 

[Whimsica]

Reputation of sg gov just took a hit. Now become like they gov tat will go back in it's words.

Let's c if coming ge their percentage will fall below 60% anot. Or will be glaring like ong lai.

Well gahmens all over the world block deals and I dun think the cabinet has approved the deal before this week.

Anyway isn't it worse if they didn't do anything and 3 years later Income gets raided and need gahmen bail out?