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The Ministry of Culture, Community and Youth says it is not confident that the proposed transaction would not affect Income, or the co-op movement as a whole to carry out its social mission.

Channel News Asia

Singapore

Singapore blocks Income-Allianz deal but leaves door open if concerns over public interest are fully addressed

Prime Minister Lawrence Wong says the government remains open to a new deal if the concerns are fully addressed.

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Singapore blocks Income’s deal with Allianz amid ‘structure, terms’ concerns

Government of Singapore

Income and its parent NTUC Enterprise also said that they will work closely with relevant stakeholders to decide on the next course of action. Read more at straitstimes.com.

The Straits Times

Singapore Press Holdings

Allianz to consider revising Income offer after current deal blocked by S’pore Govt

The Singapore government plans to stop a proposed deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a backlash from the public.

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Singapore Blocks $1.7 Billion Allianz-Income Insurance Deal

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.
In a ministerial statement in Parliament on Monday (Oct 14), he explained that the Ministry of Culture, Community and Youth (MCCY) had become concerned after it reviewed the information on the proposed transaction.
"We decided that there was sufficient basis for the gover…

Asia One

Mm2 Entertainment

Govt halts Income-Allianz deal in current form, remains open if public-interest concerns are addressed

THE deal between NTUC Income and German insurer Allianz will be called off, as the government has assessed it is “not in...

Business Times

Government rejects Income-Allianz deal in current form: Edwin Tong

The Singapore government has intervened to block a proposed transaction between NTUC Income and German insurance giant Allianz. The decision follows concerns over the potential impact on NTUC Income’s social mission, which focuses on providing affordable insurance to low-income workers. The proposed deal, which was announced on 17 July 2024, would have seen Allianz acquire a majority stake of 51 per cent in NTUC Income for S$2.2 billion, approxi…

The Online Citizen

Singapore Govt blocks NTUC Income and Allianz deal after public outcry

The government of Singapore is blocking a proposed deal by Munich-based Allianz SE to acquire a majority stake in Income Insurance over social concerns. In July, Allianz SE announced that it was planning to purchase at least a 51 percent stake in Singapore-based Income Insurance from NTUC Enterprise for S$2.2 billion ($1.7 billion). The deal would have allowed the German firm to rise from being the ninth to the fourth largest composite insurer i…

finews.asia

Singapore Rejects Allianz-Income Insurance Deal

The Singapore government has blocked NTUC Enterprise’s proposed sale of Income Insurance shares to Allianz, citing concerns over the structure of the deal. The decision comes despite no objections to Allianz’s suitability as a partner. The government has tabled an amendment to the Insurance Act in Parliament, enabling the Monetary Authority of Singapore (MAS) to withhold approval of transactions involving current or former cooperative insurers i…

Fintech Singapore

Singapore Blocks Allianz's Bid for Income Insurance Over Public Interest Concerns - Fintech Singapore

Singapore Government calls off Income Insurance-Allianz deal The Singapore Government has blocked the proposed deal between NTUC Income and German insurance giant Allianz, citing public interest concerns. This decision was announced by Minister for Culture, Community, and Youth (MCCY) Edwin Tong during a parliamentary session on Monday (14 Oct). The deal, announced on 17 July, would have seen Allianz acquiring a 51 percent majority stake in Inco…

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S'pore Govt calls off Income Insurance-Allianz deal, cites concerns over social mission impact

Singapore blocks Income-Allianz deal but leaves door open if concerns over public interest are fully addressed

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