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

[Braun8]

I just received this email from Income Insurance, sounds like the Allianz offer is a done deal.
I'm very disappointed that NTUC is selling their majority stake, now worried that my health insurance premium will increase a lot.

Dear all policyholders, I am writing to inform you that Allianz Europe B.V. (the “Offeror” or “Allianz”) has announced today, 17 July 2024, its intention to acquire at least 51% (the “Offer”) of the Shares in Income Insurance Limited (“Income Insurance”), subject to the fulfilment of the pre-condition, referred to in paragraph 2 of the Pre-Conditional Offer Announcement. The Offer is also subject to the approval of the shareholders of Income Insurance for the amendments to the constitution and the proposed name change of Income Insurance. Continue to honour the terms of the existing policies As mentioned in the media release statement and the Pre-Conditional Offer Announcement by Allianz, Allianz intends for Income Insurance to continue to honour the terms of the existing policies underwritten by Income Insurance and ensure a seamless transition with no impact on policyholders. Allianz has a strong and profitable presence in Southeast Asia and is committed to investing in Singapore and partnering with a well-respected and trusted local institution. Income Insurance’s market leadership, strong brand equity and established history in Singapore is a strong and compelling rationale for a market leading set-up in Singapore, the regional financial services hub of Southeast Asia. Allianz believes that the combination of Income Insurance’s strengths and Allianz’s global capabilities is expected to create a highly competitive composite insurer in Singapore. Income Insurance’s competitive strengths can be further enhanced by integrating its capabilities in distribution, partnership, products and people and leveraging the Allianz Group’s global insurance franchise, asset management capabilities, technical excellence, technology and product development, distribution and reinsurance expertise. Following the close of the Offer, Allianz will become the majority shareholder of Income Insurance while NTUC Enterprise will continue to retain a substantial stake. For more details, kindly refer to the Pre-Conditional Offer Announcement from Allianz, the announcement from the board of Income Insurance, as well as the media statement from NTUC Enterprise at income.com.sg/pre-convgo. If you have any questions, please contact us at +65 6788 1777, from Monday to Friday, 9.00am to 6.00pm. Thank you.

Yours Sincerely, Andrew Yeo Income Insurance | Chief Executive Officer

 

[buttbERry]

this one allowed ah?

 

[sPacEmAn_sPiFf]

Oh no.. insurance premiums going up soon…

 

[bounty]

Allianz Europe B.V. (the “Offeror” or “Allianz”) has announced today, 17 July 2024, its intention to acquire at least 51% (the “Offer”) of the Shares in Income Insurance Limited (“Income Insurance”), subject to the fulfilment of the pre-condition, referred to in paragraph 2 of the Pre-Conditional Offer Announcement. The Offer is also subject to the approval of the shareholders of Income Insurance for the amendments to the constitution and the proposed name change of Income Insurance.

 

[TruthRevealer]

https://www.linkedin.com/feed/update/urn:li:activity:7221008571654664192/

 

[Spike]

Have to raise these questions to Ng Chee Meng this GE liao.

 

[TruthRevealer]

Have to raise this to Ng Chee Meng this GE liao.

They are selling SG inc one by one even NTUC income also sell to foriegner

 

[yesman2978]

Selling out the country piece by piece

 

[randomph]

stir ah stir.

 

[StoicGuy]

If yes, How come the deal no need president to approve?

How to interpret their ownership?

 

[Euqorab]

It is under NTUC many layers

 

[Euqorab]

Same logic as Mercatus sold Jurong Point

 

[Spike]

They are selling SG inc one by one even NTUC income also sell to foriegner

They sold half of NTUC income properties (Mercatus) to Link REIT already.

 

[kalipo]

same Tiger Beer


Read HWZ Forum Rules!

 

[alph4tang0]

Which oppo party will question this deal?

 

[SBC]

Same logic as Mercatus sold Jurong Point

Same logic as global foundry is sold.

 

[kiryu86]

Is no longer ntuc, it has left gov hands 2 years ago n became income insurance limited thus they can do whateva they wan inside for business and gov cannot chap in liao

 

[bombshell]

Is EDMW a national asset?

 

[Euqorab]

Same logic as global foundry is sold.

I must correct you in two areas
Firstly, global foundry was not owned by Singapore or any Singapore related or Singaporean companies. You meaning to say Charted Semiconductor right?
Secondly, even if CSM, it a different comparison with what I mentioned. Mercatus is NTUC related while in comparison CSM is not

 

[Lemonpeach]

Hope they will privatise FairprIce, so that we can get shares, just like Singtel before.

Asset sale to raise revenue for more vouchers issuance.