13 August 2024
Morning Shot: Can Income keep to its social mission after Allianz deal?
A possible deal between German financial services company Allianz and Singapore's Income Insurance has dominated headlines over the past few weeks.
Allianz’s proposed S$2.2 billion offer for Income, which is subject to approval from the Monetary Authority of Singapore, has triggered concerns over whether it would erode Income’s social mission of providing affordable insurance for Singapore’s lower-wage workers.
Addressing these concerns in Parliament on Aug 6, Second Minister for Finance and MAS board member Chee Hong Tat has said that MAS will hold Income and Allianz to account in ensuring that there will be no change to the terms and conditions of existing insurance contracts, should the regulator approve the offer. The MAS will also assess if Allianz has the financial capacity to support Income when needed, and the willingness and ability to ensure that insurance operations are well run.
On this episode of Morning Shot, Dr Jade Nie, Lecturer at NTU and a qualified actuary from the Institute of Actuaries of Australia shares her insights.
Presented by: Emaad Akhtar
Produced & Edited by: Yeo Kai Ting (ykaiting@sph.com.sg)
Photo credits: BT File & LinkedIn

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