Income should walk away from Allianz
The cooperative-turned-corporation should come up with its own programme to improve its profitability and expand at home and abroad
THE bombshell announcement last week that the government would block the proposed purchase of a majority stake in Income Insurance by Allianz has raised a number of questions.
Many of these relate to projections by the German insurer that Income could return S$1.85 billion in cash to its shareholders within three years of the transaction.
This, in turn, has raised questions about whether the deal – if that left Income with a much lower capital base – is consistent with Income’s social mission of providing accessible and inclusive insurance.
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