Allianz offers to buy a stake in Income Insurance
July 19th, 2024 | 
Author: 
Allianz offers to buy a stake in Income Insurance- 18 July 24, Straits Times.
Allianz has done its homework and if it successfully acquires at least a 51% stake in NTUC Income, it will be good for them, however, I ask if Singapore loses its only insurance cooperative, is it good for our country and our citizens too?
We mustn't forget the original purpose and objective of NTUC Income's founding, ie, to meet the common needs of its members such as providing insurance services at competitive costs rather than profit maximisation.
Allianz along with all other insurance companies in Singapore except NTUC Income do not have such a societal mission or obligation to our country and/or our people.
Their offer price of $40.58 per share is indeed attractive and provides a golden opportunity for Income shareholders to cash out at a handsome premium but as a country, our considerations about its offer must be more far sighted and more nationalistic in our national and nation building interests.
We in Singapore still have millions of our fellow citizens who belong in the lower strata of society and earning very modest wages and NTUC Income has a very useful and important role in serving them. This, NTUC Income and its top management must never, never forget, lose sight of or go soft and yielded to temptations.
I urge the relevant decision makers and pap politicians not to be blinded by short term profits and greed which I understand and concede is very tempting.
Think.
Simon Lim
Posted in 
Clap, clap, …
One more local comment in this very slow TRE.
Tech: By slow you mean loading speed or comments?
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Oh well,NTUC INCOME is not like $ingapore POOl$ where the “money” is “pow chiak” one.
Liddat say,might as well sell $ingPore Pools to MBS OR GENTING?
WHAT HAS BEEN THE MISSION OF NTUC INCOME?
To provide insurance service to common sgs.
What about selling NTUC FAT-price to WALMART?
MAKE MONEY VEHICLE$ PROTECT ALL THE WAY.
Else,sell away.
Even NOL,SPC,etc.
Might as well SELL DBS TO CITI OR JP MORGAN?
KNN,MONEY IS IMPORTANT BUT IT IS NOT EVERYTHING lah!
Oh,$100B can anyhow squander leh?
So?
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After Devan Nair, the NTUC became a money-making machine that did nothing for the workers nor for consumers. Co-operative? Give me a break. It forces workers to contribute and then produces shit products worse than others in the open market. Just go to NTUC supermarket and compare prices with other private companies. Also its insurance products are one of the worst on the market. They only make money because they use the cooperative money to fall back on. If they did not use underhanded tactics they would have closed a long time ago.
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firm is now a private firm for the past 2 years. wake up. it is nolonger a cooperative.
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Comments and local articles.
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It’s so clearly stated: NTUC INCOME.
Read that carefully.
Simon not thinking or not reading.
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Not just the so-called co-operatives with social functions during Devan Nair time.
The whole nation has become a corporation.
Everything that can be sold at a good price will be sold.
Citizenship.
GCBs
Crooks love to park their money in SIN dollar and SIN City.
We sold our soul the moment the casinos were built and red carpet laid out for tax evaders and ML crooks.
They love this place.
Ask the Fujian Gang and the many that will never be caught.
Papigs GCB Millionsters telling you—quietly go do your NS, take your 30-year HDB enslaving loan and I will give you GST vouchers to buy your votes.
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“We mustn’t forget the original purpose and objective of NTUC Income’s founding, ie, to meet the common needs of its members such as providing insurance services at competitive costs rather than profit maximisation.”
Anybody remember POSB? That was more of a people’s bank. NTUC Income has never been a people’s company. See what happened to POSB. It was sold (handed over) to DBS without OTC’s knowledge.
Simple Simon still living in the past.
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Our administration want us to stay stupid.
Get it.
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NOL was sold. Many of the GICs owned companies are taken over by others. They keep flipping the companies with no accountability. Eventually when a new government is elected it will be difficult to trace the flow of monies. It is the same of Trust Companies selling Standby Trust which are then used to squirrel away beneficiaries monies under the nose of MAS. Was there a need to sell NOL? Is there a financial need to sell NTUC income which was set up to serve the interest of Singaporeans? Who exactly is the PAP ruling party serving? It is definitely not us, true blue Singaporeans!
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It’s too late. True blues are outnumbered. Many are fake blues. It’s clear from the PE.
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Under NCM’s belt, he now has the achievement of selling NTUC Income before he attempts to rejoin politics in the next election again. Haha!
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Even when $in Inc is doing so well,the PAP G is ABANDONING SHIP and leaving sgs to perish.
NTUC INCOME getting abandoned in such manner when G allows medicare costs to escalate is so clear a $ign how the PAP cohort will take the FIRST PLANE “OUT” when things turn really sour in Sg.
What a shame indeed.
Go on,$ELL DBS,SINGAPORE POOLS,SIA,NTUC FAIRPRICE,SINGTEL N EVERYTHING ELSE!
So far,officially elected WP MPs diam diam.
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Sell DBS to Citi or JP Morgan and we will have better services.
Sell Singapore Pools to MBS and we will have better transparency and prizes.
Sell Singtel to BT and we will have cheaper telco services.
Please lah,dont be so Money-faced.
You are elected to SERVE us and NOT TO FIND ALL WAYS TO SCREW us always?
We put our trust in a group of fellow sgs not for them to $crew us.
Ng Chee Meng,if you want to $core point,DONT DO IT AT COMMON sgs’ expense.
You NG CHEE MENG,is just another “General Umbrage”!
It will be disastrous to vote for you.
It is better Sg send you to Gaza or Ukraine .
NCM,you are a natiinal menace.
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Stupid decision.
The NTUC Income Management Team ought to be replaced.
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Why CASE missing in this acquisition? They care about monopolised by other firms. But this Income, they are unaware hence no show if concern.
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So,CROC TEAR$ SAYS THE REA$ON IS TO TAP ON THE CAPITAL MARKETS?
Well,liddat say,SELL EVERYTHING AWAY?
SELL TH TOO!
LBH WILL HAVE NO CU$HY JOB TO DO.
$IN INCORPORATION indeed!
More EFFICIENCY IN “PRIVATISING” according to PEANUT$ GOH?
Oh,look at our streets!
More littered than before private contractor$ took over!
Must we STIR 1G LEADERS’ graves like DR GOH KENG SWEE to “resurrect” them to come back and SLAP his junior$ from 2G to 3G and maybe 4G who detract from BEING HONEST PUBLIC SERVANTS and becoming $ELF-$erver$???
We can also “WAKE THEM up” with our votes soon.
Sg voters especially YOUNG EDUCATED ONES,GO “PRAY” (TALK) to DR GOH in silence and get his guidance.
BTW,HDB $UPER EFFICIENT.
LAST TRAN$ACTION “EXECUTED” AT MORE THAN $1.7M O N L Y.
My $2M gue$$timate here on TRE
is reaching soon.
WELL DONE CROC TEAR$ LBH.
Even REVERED PROF TOMMY KOH get $lapped by you.
WHAT DOES NG CHEE MENG SAY?
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Is this matter of greater importance than more Town Council issues?
If so,where is WP?
ONLY NCMP from PSP doing the job of proper Check And Balance?
So WP just want to be CO-driver$.
No need WP then.
PAP had ENOUGH $PARE DRIVER$ already!!!
Pls ,for PROPER CHECKS N BALANCE,VOTE SGS FROM PSP OR SDP N OTHERS.
EDUCATED SGS,DONT JUST THINK OF YOUR OWN INTEREST$.
Even if you are “happy” now,a day will come when you will reap what you sow.
NONCHALANCE OF THE EDUCATED WILL BY AND BY LEAD TO NONCHALANCE OF GAHmen.
This is already manife$ted right in our faces.
The longer the Nonchalance persists,the more sgs (trublu) will have to Pay the Price.
There is NO 2 WAYS about it.
YOU REAP WHAT YOU SOW.
STAND UP FOR SINGAPORE.
STAND UP FOR COMMITTED OPPO sgs who want to SERVE and not just want to be $erved.
No nation can afford a greedy and bochup govt.
It will lead to destruction.
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Sincerely,and with all due respect,me opines that NTUC INCOME NEED NOT BE SOLD TO ALLIANCE FOR SO-CALLED TAPPING OF PRIVATE CAPITAL.
Maintaining a “substantial share-holding” is NOT THE SAME as HOLDING THE MAJORITY SHARE.
The NTUC as an entity is govt-related.
The G can simply rai$e a $100B to grant furlough that even countless of NoN-sgs that
include PRs and FTs.
It was done in name og SAVING JOBS?
WHY CANT SAVE JOBS VIA WAGE CUTS?
A HUGE SUM OF sgs’ NATIONAL RESERVES was used to the BENEFIT OF WELL-HEELED sgs and highly PAID FTs.
It is SOCIALLY UNJUST TO SELL 51 PCT OF NTUC INCOME JUST FOR $1.6B,is it not so?
NTUC INCOME HAS BEEN COLLECTING MUCH “REVE
NUE” ALL THESE YEARS FROM COMMON SGS/SG-WORKERS FUNDAMENTALLY as better off sgs and “non-sgs”(PRs,FTs,etc) generally DO NOT USE NTUC INCOME.
HOW MUCH EXACTLY DID NTUC ENTERPRI$E PUMP INTO NTUC INCOME DURING COVID IN TRUTH,MR LIM BOON HENG?
Also,NTUC FAIRPRICE MAKES A LOT OF MONEY FROM SGS WHO ARE THE SAME NTUC INCOME CLIENTS,right?
Cant NTUC INCOME STOP WORRYING ABOUT SHAREHOLDERS WHO WANT “RETURNS”?
AFTERALL NTUC ENTERPRISE OWNS 72 PCT AND ONLY 28 PCT OWNED BY “other$”?
WHO ARE THE “other$”?
The same sgs who now decide to sell ?
I humbly suggest NTUC ENTERPRISE BUYS BACK FROM THESE “28 PCT” shareholders and REVERT BACK TO A FULL CO-OPERATIVE.
EVEN ST /SPH CAN BE DE-CORPORATISED?
WHY CANT THE NTUC SPARE A SINCERE THOUGHT FOR SG-WORKING CLASS WHO ARE THE MAJORITY OF NTUC INCOME CLIENTELE?
MR LIM,SIR,AS A CATHOLIC CHRISTIAN,me humbly hope you heed the compassionate advice of Prof Tommy Koh.
If you DO WELL AT TH AND MAKE MORE PROFITS,you can easily cover the minute claims of NTUC INCOME clients,am i right Sir?
Please think of the negative con$equences of your ACTION$.
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Trust once broken is hard to earn backed.
Better to replace quickly the whole NTUC Income team involved with this Sale…Stop the Majority Sale before the Citizen show their displeasure.
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Normal citizens couldn’t care less. Only a few oldies crying about it.
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Many are unhappy over this deal….nothing to do with money or business.It is trust with the people.
Stupid to proceed as people Power should not be ignored.
They will show it in other way…more effective.
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@Who care
What you uttered shows your self-centredness.
Who care?
Many ordinary sgs n their families including younger sg-workers do care.
Maybe you are filthy rich like that idiot,Calvin Cheng.
Well,Every Sg Counts so say the PAP.
Words spoken by responsible per$ons must be responsibly upheld,get it?
Go $uck Lollies like “Baby bonus” bought with taxpayer money.
If all young sgs think like you,Sg Future will be very bleak.
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Can you tell us how NTUC Income help these ordinary sgs?
And, if any, how the sales will affect them?
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@Who care
I ask you the same question.
Cn you spell out how Alliance’z purchase of 51 pct will be beneficial to ordinary sgs who are the clients of NTUC INCOME?
It is obvious the NTUC ENTERPRI$E is selling for monetary rea$ons more so than ANY CLAIMED “EXTRANEOUS” BENEFITS on behlf of its clientele which is made up of LOW WAGE working class SGS mostly.
And,just in case you miss out,NTUC NCM N PREI$IDENT have come out to “assure” its clients that 2-LOW COST PACKAGES will be kept by new majority share-holder,
2 only.
So,expect HIGHER PREMIUM$.
ITS ALL ABOUT PROFITS.
WHATS WRONG WITH COLLECTING MORE MONEY.
REGARDS FROM AN OLD ORDINARY SG UNCLE.
CHEERIO.
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@Who care
Are you saying that old Singaporeans are not normal?
Do you respect your parents and grandparents? Listen to them,they have walked life’s journey ahead of you. The objections to the sale to Allianz is to ensure that insurance remains affordable to Singaporeans. It is the same with Public Housing. If we in this generation do not object, prices will soar beyond our affordability and the next generation will also suffer. So stop saying, “Who care.” It just shows ignorance and a lack of respect for older Singaporeans.
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If NI is cheap, how do the other insurance companies survive?
Listen to Simon. THINK.
I ask Rice to show how NI benefits ordinary sgs. He can’t. It’s all cult belief that anything labeled with NTUC is beneficial for ordinary sgs.
This has nothing to do with old or young Singaporeans. Don’t add your own bias. Read this carefully: “Only a few oldies crying about it.” Most oldies don’t care. They have to “exercise”. Does NI benefit them?
If anyone can list the benefits for ordinay sgs, then I believe. Else, all cult followers. If NI had been so beneficial for ordinay sgs, TKL would not be 14%.
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”Luxury condo sales pick up in Q2 as ultra-rich buyers help reverse 3 quarters of decline
Foreign buyers contribute to sales, ”
Paying 60% ABSD is a sure sign of money laundering; MAS please wake up .
The last time you fell asleep at the wheels, we had the biggest ML case of $3 Billion—head honchos have still not been caught.
Actually conveniently escaped.
Small files given wrist tap sentences!
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Can we take just $10B from our sgs’ national reserves to fund INCOME?
Its just 10 pct of the $100B mah?
And,it can be invested too.
$100B just like splashing water in short time.
$10B can be for many life-times!
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Yes, yes, and take just $1 billion to fund my kopi stall. Sure can expand ClapX Kopi all over the world, and put Singapore all over the map.
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@ClapX
Thank you for your concurrence.
My point is what is wrong or “xenophobic” for a NATION’S GAHMEN to be seen to DO MORE FOR CITIZENS?
WHY BE MR NICE TO OUTSIDER$ AT THE EXPENSE OF OWN CITIZENS?
As for your coffee-chain,go get “funding” from Tema$ick.LBH funded Ng Kok $ong.
Maybe,he can fund you?
Cheerio bro!
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@Who care?
When NI was a cooperative, shareholders were given a fixed return. As such premiums were more affordable. It changed when it was made a corporate in 2022.
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If NI were really cheap, Great Eastern, Prudential, etc. would all have collapsed.
If you were right, then you should have complained in 2022.
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Unthinking people come up with nonsensical reasons. If shareholders were given a fixed return, what happen to profits that were above the fixed return? Were the excess profits given to charity for ordinary sgs?
If the profits were kept within NI, that still belongs to shareholders. Not thinking lah. HDB every year report loss … Same story lah.
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@Pappies
You do not know the difference between a Co-operative and a Corporate.You should buy TKL a cup of tea to educate you. Profits in a Co-operative are returned to the members. Shareholders get a fixed return. The PAP IBs on TR Emeritus do not do any research on a subject. Poor mental capacity results in delusional posts devoid of facts.
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You are determined to stay in your dream world.
Show me their audited financial statements.
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