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
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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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