Singapore is better served by an Income Insurance that puts people before profits, not profits before people, says former NTUC Income CEO Tan Suee Chieh on the Allianz deal.
Allianz plans to buy a majority stake in Singapore's Income Insurance. It is at variance with the narrative of 2022, when NTUC Income the insurance co-operative became Income Insurance the corporation.
This understanding was breached in less than two years after Income Insurance corporatised. With these as a backdrop, it is hard to regardPreviously known as NTUC Income Insurance Co-operative, Insurance Income was founded in 1970 to provide essential, affordable insurance to underserved workers. Income Insurance will be subject to the rigours of a shareholder profit-driven organisation, eventually losing its identity, its fundamental DNA as a social enterprise and its “People before Profits” philosophy.
Income-Allianz deal raises concerns among public, experts; former CEO calls it a 'breach of good faith' I accept Income Insurance carries certain types of savings plans which consumes relatively high level of capital to underwrite. These products normally carry guarantees and are often opaque or complicated. These products tend to serve the needs of distributors rather than the needs of customers. In this segment, customers are better served by mutual funds or ETFs.
We have many excellent role models of outstanding icons in Singapore. Income Insurance can be one without being part of a foreign international group.
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