[ad_1]
Allianz to acquire stake in Income Insurance – Straits Times, 18 July.
Allianz is well positioned and if it succeeds in acquiring at least 51% of NTUC Income, it will be a good thing for them, but I would like to ask, is it also a good thing for our country and our citizens if Singapore loses its only insurance cooperative?
We must not forget the original intention and goal of the establishment of NTUC Income, which is to meet the common needs of members, such as providing insurance services at competitive prices, rather than pursuing profit maximization.
Allianz, and all other insurance companies in Singapore except NTUC Income, have no such social mission or obligation to our country and/or our people.
Their offer of $40.58 per share is indeed attractive and provides a golden opportunity for Income shareholders to cash out at a significant premium, but as a country, our consideration of their offer must be more far-sighted, more nationalistic and in the interest of our state and nation building.
There are still millions of Singaporeans living at the bottom of society with meagre incomes and NTUC Income plays a very useful and important role in serving them. NTUC Income and its top management must never forget, ignore, become weak or succumb to temptation.
I urge the relevant decision makers and PAP politicians not to be blinded by short-term profits and greed, which I understand and acknowledge is very tempting.
think.
Simon Lin
[ad_2]
Source link
