Income and NTUC Enterprise said that they will work closely with relevant stakeholders to decide on the next course of action.
SINGAPORE - German insurer Allianz said late on Oct 14 that it will consider revisions to the proposed transaction structure toon concerns over the deal structure and the ability of the local insurer to continue its social mission.
Income and its parent NTUC Enterprise also said they will work closely with relevant stakeholders to decide on the next course of action. When Income embarked on a corporatisation exercise in 2022, it had obtained an exemption to allow it to carry over a surplus of $2 billion to the new corporate entity.
This will pave the way for the Monetary Authority of Singapore to consider the views of the Ministry of Culture, Community and Youth in future applications related to insurers that are cooperatives or are linked to cooperatives. In a separate statement, Income also said it will review and take into consideration the forthcoming amendments to the Insurance Act and work closely with relevant stakeholders to study and decide on the next course of action.
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