SINGAPORE: Esteemed diplomat Tommy Koh has publicly voiced his opposition to Allianz’s proposed acquisition of a 51% stake in Income Insurance, which
SINGAPORE: Esteemed diplomat Tommy Koh has publicly voiced his opposition to Allianz’s proposed acquisition of a 51% stake in Income Insurance, which originated as a social enterprise focused on affordable insurance for Singaporeans. Allianz’s offer of S$2.2 billion has sparked concern, with Koh arguing that Income’s social mission is still relevant and should not be compromised.
Koh stated on social media, “INCOME started as a cooperative like Fairprice, offering affordable insurance. Selling to a foreign company undermines its original purpose, which is still important today. Income and Fairprice should remain committed to their social roots and should not be sold.”
Many Singaporeans and public figures supported Koh’s statement. Former editor PN Balji commented, “I am against selling Income. Would we consider selling SIA?” Associate Professor Ben Leong from NUS echoed, “I agree that something feels off here.”
This discussion comes after former NTUC Income head Tan Kin Lian also voiced disappointment with the sale, expressing concerns that it reflects broader shifts toward American-style corporate practices. Tan, who led NTUC Income from 1977 to 2007, grew the company’s assets from S$28 million to over S$17 billion, always with a focus on accessible insurance for Singaporeans.
Income, initially founded as NTUC Income Insurance Co-operative Limited, transitioned into a public entity in 2022 but kept its commitment to affordable insurance, supporting working-class families and low-income households with initiatives like the Income Family Micro-Insurance and Savings Scheme (IFMISS).
Despite Allianz’s assurances that NTUC Enterprise Co-operative Ltd will retain a significant stake, many Singaporeans question if the acquisition could alter Income’s core values. Concerns also linger about potential changes in product offerings and the impact of a foreign conglomerate’s involvement on a company rooted in social enterprise principles.
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