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

[radioshack]

SINGAPORE - The home-grown Income Insurance is in talks to enter a partnership with the German insurer Allianz, with the latter expected to acquire a significant stake in Income, The Straits Times has learnt.

An application for the partnership has been filed with the Monetary Authority of Singapore (MAS) and the regulator has requested more information, sources with knowledge of the matter told ST.

When asked if the proposed partnership has been approved, a spokesman for MAS said the agency “does not comment on specific regulatory approvals”.

n a statement posted to its website on June 14, Income confirmed it is in talks with Allianz on a “transaction relating to the shares of Income Insurance”.

“Income Insurance wishes to emphasise that there is no assurance that any transaction will materialise, or that any definitive or binding agreement will be reached,” it added.

An Allianz spokesman said: “Allianz remains committed to the Singapore market, and we are not exiting Singapore.”

Industry experts interviewed by ST said they expect Allianz to tap Income’s strong market presence and established customer base here to benefit from the proposed partnership.

https://www.straitstimes.com/singap...z-on-tie-up-firms-seeking-regulatory-approval

 

[WW1 Flying Ace]

From union cooperative to social enterprise to private limited to wlwlsmdwl have to eat baguette liao

 

[Weaboo]

From union cooperative to social enterprise to private limited to wlwlsmdwl have to eat baguette liao

song bo ntuc!!!!!

 

[WW1 Flying Ace]

song bo ntuc!!!!!

sorry sorry i just found out Allianz is german, so rather than baguette the thing being sucked on is a wurst

 

[Shion]

is that a reason why ntuc income decided to corporatize

 

[buttbERry]

sounds like a satki partnership

 

[daylight]

From sleague to bayern munich

 

[radioshack]

OVER a billion securities change hands efficiently on the Singapore Exchange every day, but trading of shares in a public but non-listed company can be more daunting and complex.

Shareholders wishing to exit Income Insurance (Income) are discovering this the hard way.

To increase competitiveness and capital-raising avenues to fund growth, NTUC Income Insurance Co-operative, was corporatised in 2022 to form Income Insurance.

Tough exit​

But with the corporatisation, shareholders could no longer redeem their shares at par value of S$10 each. Instead, as part of the exercise, they received an equivalent number of Income shares on a one-for-one basis, and owners have to find their own buyers if they wish to liquidate their investments.

With no daily and open listing of buyers, sellers and bid and ask prices, finding a buyer could take months. To assist, Income tied up with PhillipCapital in January for the Income Insurance Share Liquidity Program.

Shares offered for sale are held in custody by local brokerage Phillip Securities, a unit of PhillipCapital, and made available on Alta Exchange, which counts PhillipCapital among its shareholders.


But only registered clients of Alta who are accredited investors and those of its member firm network can view Income share-trading data on the platform.

Under Singapore law, to qualify as an accredited investor, an individual must have a minimum income of S$300,000 in the last 12 months; or their net personal assets must exceed S$2 million, of which the net value of their primary place of residence can contribute up to only S$1 million; or their net financial assets must exceed S$1 million.

Many income shareholders do not meet these criteria.


The first tranche of the programme was launched on Jan 11 this year and closed on Jan 27. Income shareholders were invited to transfer custody of their shares and submit sell orders to Phillip Securities during this period.
On May 3, the brokerage reported that it executed over S$3.5 million worth of Income shares over the first tranche. Details of the initiative’s second tranche have yet to be announced.

No market data​

With no available real-time data, it was also difficult for sellers to value their shares.

One could turn to Income’s net asset value (NAV) per share, but this metric is only accurate at the time of publishing. The last known NAV provided by Income was S$29.55 as at end-December 2023, given in its first annual report as a public non-listed entity.

Investors may look out for valuation estimates issued by independent brokerages, though the timing of such releases may be infrequent. In Income’s case, the last publicly available per-share value projection was S$19.74, made by PhillipCapital in a January 2024 report.

All said, Income shareholders are in an unenviable situation.
https://www.businesstimes.com.sg/companies-markets/why-income-investors-are-finding-it-hard-cash-out

 

[Hysteri]

Ownself sell shares ownself

 

[snapp]

German financial services giant Allianz is making an offer to acquire 51 per cent of Singapore-based insurer Income Insurance for S$40.58 per share. The deal amounts to some 1.5 billion euros (S$2.2 billion), Allianz announced on Wednesday (Jul 17).

NTUC Enterprise Co-operative Limited currently owns around 72.8 per cent of the insurer, represented by around 78 million shares out of the total 107.2 million shares as at Dec 31, 2023 based on Income Insurance’s annual report. The balance is mainly held by retail investors.

The cooperative will continue to “retain a substantial stake in Income Insurance” after the deal is completed, the announcement said.

The deal comes as Allianz seeks to expand and strengthen its presence in Singapore. Through its continued partnership with NTUC Enterprise Co-operative, it aims to focus on life and health, and property and casualty insurance in Singapore.

The insurer said it intends for Income Insurance to continue participating in national insurance programmes. It also will ensure a “seamless transition” for policyholders of Income Insurance and honour the existing policies underwritten by Income Insurance.

Allianz launches offer to acquire 51% of Income Insurance for S$40.58 per share

 

[Shion]

is this the reason why ntuc income corporatized in 2022 ?

 

[Tony.Manero]

Can one meh

 

[purplewave]

NTUC listed??

 

[Acetone]

Will my premiums be affected boh ? How about claims ?

 

[Whimsica]

No wonder OYK came out to warn about rising healthcare costs.

Sell liao no longer local the new owner can raise premiums.

Just like POSB sell liao no longer the people's bank keep closing branches and charging you for everything.

 

[wwenze]

All the NSF on income insurance how

 

[skytan13]

Just keep selling selling....
NTUC income also sold liao..

 

[radioshack]

GERMAN financial services giant Allianz is making an offer to acquire 51 per cent of Singapore-based insurer Income Insurance for S$40.58 per share. The deal amounts to some 1.5 billion euros (S$2.2 billion), Allianz announced on Wednesday (Jul 17).

NTUC Enterprise Co-operative Limited currently owns around 72.8 per cent of the insurer, represented by about 78 million shares out of the total 107.2 million shares as at Dec 31, 2023, based on Income Insurance’s annual report. The balance is held mainly by retail investors.

The cooperative will continue to “retain a substantial stake in Income Insurance” after the deal is completed, the announcement said.

The deal comes as Allianz seeks to expand and strengthen its presence in Singapore. Through its continued partnership with NTUC Enterprise Co-operative, it aims to focus on life and health, and property and casualty insurance in Singapore.

The insurer said it intends for Income Insurance to continue participating in national insurance programmes. It will also ensure a “seamless transition” for policyholders of Income Insurance, and honour the existing policies underwritten by Income Insurance.

Allianz is one of the world’s largest global financial services groups and it achieved an operating profit of 14.7 billion euros in 2023. It has a presence in Asia across nine markets and serving nine million customers through a network of 80,000 distributors and 35 distribution partners.

https://www.businesstimes.com.sg/co...gUCoMshxSDft5fWDAQ_aem_IYqshdh9lf4asYDNJByTMg

 

[Shion]

All the NSF on income insurance how

whats this, the army term life insurance ah

 

[Hardware138]

Are we so desperate for $$ ?
Thought some are core strategic companies.. national interest..
But … spc sold.. natsteel sold.. power stations sold.. then what is strategic ?