NTUC Enterprise, a major stakeholder in Income Insurance, has reiterated its commitment to maintaining affordable insurance options and supporting social initiatives following recent developments. The company will sustain its active role in national insurance programs alongside the CPF Board and will persist in offering competitive pricing on its insurance products.
Lim Boon Heng, Chairman of NTUC Enterprise, emphasized, “Income Insurance will continue to deliver accessible and affordable insurance solutions to underserved and lower-income communities through offerings like the LUV and SilverCare policies.”
Income Insurance will also remain engaged in national insurance schemes with the CPF Board, ensuring that its products remain competitively priced. NTUC Enterprise, as a significant shareholder, will continue to oversee Income Insurance’s adherence to its core objectives and social responsibilities.
The recent partnership with Allianz aims to bolster Income Insurance’s competitive edge in a market dominated by both regional and global players. Despite holding a life insurance market share of less than 10% over the past decade, the alliance with Allianz as a majority shareholder is expected to enhance Income Insurance’s market position and resilience, thus better serving Singaporean families and fulfilling policyholder commitments.
Lim noted that NTUC Enterprise has historically provided vital capital support to Income Insurance, including a significant capital injection during the COVID-19 pandemic in 2020. Allianz’s robust financial backing is poised to further support Income Insurance’s growth prospects.
Since its transition to a public non-listed entity in 2022, Income Insurance has faced demands from minority shareholders for increased share liquidity. Allianz’s offer to acquire shares at S$40.58 per share presents an opportunity for these shareholders to sell their holdings. Minority shareholders will have the option to tender all, some, or none of their shares upon the offer’s launch.
