SINGAPORE: Income Insurance will continue to provide affordable insurance for lower-income customers after the deal with Allianz, said NTUC Enterprise chairman Lim Boon Heng on Thursday (Jul 25) amid concerns about the German company buying a majority stake in the co-operative.
SINGAPORE: Income Insurance will continue to provide affordable insurance for lower-income customers after the deal with Allianz, said NTUC Enterprise chairman Lim Boon Heng on Thursday amid concerns about the German company buying a majority stake in the co-operative.
NTUC Enterprise currently has a 72.8 per cent stake in Income. It will remain a substantial shareholder if the sale goes through. "Income Insurance’s life insurance market share has been less than 10 per cent in the past 10 years," said Mr Lim. Previously known as NTUC Income Insurance Co-operative, it remains the only insurance co-operative in Singapore. It has about 2 million customers and offers life, health and general insurance, as well as investment-linked products., with former CEO of NTUC Income Co-operative Tan Suee Chieh and Ambassador-at-large Professor Tommy Koh among the detractors.
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