Opinion by Mathew Carr
July 29-30, 2034. Singapore.
The sale of Income Insurance to giant Allianz hurts people in three ways.
It reduces choice…in particular a choice that was really focused on improving the lives of its customers (eg by reducing financial stress). It concentrates markets which will allow for higher insurance prices….globally. The sale price is way too low.
When did the Singapore govt ask for and receive from the people the mandate to sell?
The shareholders should reject this deal.
History
Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today.
Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being.
Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being.
Podcast:
Source doc:
Income Insurance receives Pre-conditional Voluntary Cash General Offer from Allianz Europe B.V.
Income Insurance Limited (“Income Insurance”) refers to the announcement from Allianz Europe B.V. (the “Offeror” or “Allianz”) on 17 July 2024 in which it stated its intention to acquire at least 51% (the “Offer”) of the Shares in Income Insurance, subject to the fulfilment of the pre-condition, referred to in paragraph 2 of the Pre-Conditional Offer Announcement.
The Offer is also subject to the approval of the shareholders of Income Insurance for the amendments to the constitution and the proposed name change of Income Insurance.
For more details, visit income.com.sg/pre-convgo.
Singapore has a long history of attacking those calling out bad behavior by the govt.
The price of many things have almost doubled in recent years in the city state…as the govt allowed greed to cloud its judgement. The people suffer.