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

[Visor9999]

Actually I’m wondering after the recent saga, will prospects look at NTUC income in a different light and because of this choose to buy other company insurance instead of income…

as a result this perpetuates the reduction of market share of income in our market

If income is not sustainable, what will happen to the income insurance policies we bought?

im seriously quite concerned.

Change to another company. Even AIA is better

 

[BohemianSG]

More complex ISP health claims can be very lengthy and cumbersome/troublesome.

Whenever comes to claims, need to be very persistent and this 'persistence' is what many people who are ill, esp severely ill lack off.

*I am currently also pursuing a more complex health claim with another insurer (meaning not Income) on behalf of my son who is not well enough to collate documents etc to file the claims. Can be challenging for laymen. The documentation etc is lengthy with many fine prints to read, doc's report to fill etc etc. Took me a few days to run through all in order to just file claim then the ding-dong with the insurer. Just grinding my teeth to pull it through, hoping all are in order.

Ahh. Exactly... expect sick person to chase. The thing is my other insurer had no issue but Income purposely made it complicated to the point they just rejected my claim.

I dowan to go into the details because i really whack all the way to the authorities on this. Only after that, then they payout.

 

[mike-q]

U got read the article? After the capital reduction Allianz would be the majority stake holders of a reduced capital company which may impact its insurance work.

The ones really to benefit from the sale are NTUC shareholders, which I suspect is mainly the senior gahmen individuals. A classic case of "socialising the costs and privatising the benefits".

there are smells of fraud, CAD should investigate

this is call financial tunneling

 

[Visor9999]

U sure it is still good for Allianz to purchase Income even when it was revealed that Allianz's plan after purchasing Income is to do a capital reduction to be returned to shareholders? U sure it is really to Singapore's benefit when NTUC had also put in public monies (aka tax payers' money) into Income without the corresponding increase in shares?

This means that those public monies would be privatised to be given to shareholders.

The money will benefit Germans due to asset stripping. Europe now is in the brink of a major war with Russia, of coz money will need to channel into their own development. Why will German care about sinkies

 

[Kwein]

All my income polices are my parents bought for me when I was young and I took over as an adult!!!!
how to compare? Lol

same same sia

mine’s called LIVING policy

pay till i’m 60 can cash out 1 big sum



Read HWZ Forum Rules!

 

[pureice]

And the thing is, you have now gotten a car for free

So the NTUC income /Alliance deal, after extracting the money, they still own 51% of ntuc income. Not like they take money and pat backside and go away. They take the money and now are the majority stake holders liao

The car is not free~~ there are established market share, retained earnings and previous capital injections.

But the main contention here is - is this capital reduction plan aligned with Income's mission ?

Or has the mission changed to shareholder enrichment ?

If it has changed - then no problem ~ no need change law or reject the deal. Make NTUC income shareholder profitable!

If not ~ then how a redistribution of the surplus cash - which was previously not taken back by Gov ~ aligned with the objectives?

Let me copy and paste also the official source of representation from MCCY on the surplus cash in INCOME:

"If not for the Ministerial exemption in 2023, Income Co-op’s accumulated surplus of some S$2 billion would have gone to the CSLA after being wound up, to benefit the Co-op movement in Singapore as a whole."

Any doubts feel free to ask NCM/LBH/ALvin TAN or Edwin Tong.

https://www.mccy.gov.sg/about-us/ne...general-offer-by-Allianz-for-Income-Insurance

Of course if my factual understanding is wrong, i apologise for my ignornance, and the above discussions are in good faith and blatant ramblings.

 

[mummynew]

same same sia

mine’s called LIVING policy

pay till i’m 60 can cash out 1 big sum



Read HWZ Forum Rules!

I bought for my kids some living policies also when they were young (they took over premium payments after started working). My house has quite many Income policies and so really upset when knew they wanted to sell themselves.

They will be around mid 30s for the last payment (in another few years time).

I see the policies that incl early CI are still relatively good.

I advised them not to 'cash out' unless really needing the money to tide through hard times.

 

[mummynew]

Or has the mission changed to shareholder enrichment ?

Anything that wants to enrich shareholders almost always will be at the expense of consumers.

That's why I am against corporatization of public services.

 

[Geminiboy]

So many claims from PAP here and there, I really don’t know what the truth is.

 

[focus1974]

then let insiders summarize for you
we summarize.. wait wrong.... wait go lim kopi or get pofma or get pban
not worth it

 

[Philipkee]

The car is not free~~ there are established market share, retained earnings and previous capital injections.

But the main contention here is - is this capital reduction plan aligned with Income's mission ?

Or has the mission changed to shareholder enrichment ?

If it has changed - then no problem ~ no need change law or reject the deal. Make NTUC income shareholder profitable!

If not ~ then how a redistribution of the surplus cash - which was previously not taken back by Gov ~ aligned with the objectives?

Let me copy and paste also the official source of representation from MCCY on the surplus cash in INCOME:

"If not for the Ministerial exemption in 2023, Income Co-op’s accumulated surplus of some S$2 billion would have gone to the CSLA after being wound up, to benefit the Co-op movement in Singapore as a whole."

Any doubts feel free to ask NCM/LBH/ALvin TAN or Edwin Tong.

https://www.mccy.gov.sg/about-us/ne...general-offer-by-Allianz-for-Income-Insurance

Of course if my factual understanding is wrong, i apologise for my ignornance, and the above discussions are in good faith and blatant ramblings.

Actually I wanna say this.

We are all learning. I am also learning.

Heck, even if you have read every press release and know the law and therefore you think you know it all, should the day come when the PAP falls from power and everything is revealed, it might turn out that we all actually knew nothing at all

 

[Encouragesome1]

Honestly income has already gone to the dogs already

This is why their market share drop to 6% na

. I had a health issue few years back and the claim process was borderline scammy. To me, they behaved as though they rather i dun come back by taking the maximum amount of time to respond and making me jump over hoops.

I had the same encounter with a certain insurer and immediately terminated all other policies with them knowing if I m well they don’t pay me back timely , come a day if need they sure mk life hell for someone to help me claim my claims

I already ill health then and i suppose to chase the claim process. It was after the whole thing when i recovered that i went to the authorities that they acted. Imagine if i didnt survive or just too weak to chase, dunnid to pay out.

 

[roxyjas]

I bought for my kids some living policies also when they were young (they took over premium payments after started working). My house has quite many Income policies and so really upset when knew they wanted to sell themselves.

They will be around mid 30s for the last payment (in another few years time).

I see the policies that incl early CI are still relatively good.

I advised them not to 'cash out' unless really needing the money to tide through hard times.

I also hope to cash them out in many years time….

If got another Allianz saga still can cash out anot?

 

[iceblendedchoc]

Actually I’m wondering after the recent saga, will prospects look at NTUC income in a different light and because of this choose to buy other company insurance instead of income…

as a result this perpetuates the reduction of market share of income in our market

If income is not sustainable, what will happen to the income insurance policies we bought?

im seriously quite concerned.

the agency agent commission model depends on lot of selling or over selling in some cases. End up people buy insurance policies that they do not really need.

 

[buttbERry]

this sagat still continuing in this election

 

[enimen]

Just ask AI will do. U get immediate answer

 

[rider83]

Just ask AI will do. U get immediate answer

I typed this in Chatgpt “Can you give me a detailed explanation what is the income-allianz saga all about?” And gave me very inaccurate answer without mentioning NCM’s inside.

And it in such a way that government is a hero to terminate the deal. Not bad. I can trust Chatgpt to write articles for me

 

[rider83]

Then I asked about “What is NCM’s involvement in this saga?” And Chatgpt came up with oversight etc.

So if u are clueless about this saga, even after Chatgpt’s first answer, u wont know the real story that matters behind it. Not bad for AI