The government will put a halt to the deal between NTUC Income and German insurer Allianz to protect public interest, said Minister for Culture, Community and Youth Edwin Tong.
Income's deal with Allianz will be halted to protect public interest.
"We decided that there was sufficient basis for the government to intervene in the proposed transaction to protect the public interest, notwithstanding that the financial prudential requirements had been satisfied." said Tong. Income has played an important role in providing affordable insurance for workers and Singaporeans at large over the years, even after Income switched from a Co-Op to a corporate model in 2022, Tong added.
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