Income Insurance keeps affordable insurance offerings post-deal: NTUC Enterprise

It will still participate in national insurance programmes with the CPF Board.

NTUC Enterprise, a substantial shareholder, reaffirms its commitment to Income Insurance's long-term competitiveness and social initiatives. Income Insurance will continue participating in national insurance programs, investing in communities, and supporting social mobility and environmental causes.

Lim Boon Heng, Chairman of NTUC Enterprise, stated “Income Insurance will continue to provide affordable and accessible insurance options to the underserved and lower-income customers, through products such as the LUV and SilverCare policies,”

The company will also maintain its participation in national insurance programs with the CPF Board and continue to price its products competitively. NTUC Enterprise remains an active shareholder, ensuring Income Insurance upholds its purpose and social commitments.

By partnering with Allianz, Income Insurance aims to compete more effectively in a market dominated by regional and global competitors.

With a life insurance market share of less than 10% over the past decade, Allianz’s offer to become a majority shareholder will enhance Income Insurance's relevance and resilience, enabling it to better serve Singaporean families and fulfil its policyholder obligations.

Lim highlighted that NTUC Enterprise has historically provided crucial capital support to Income Insurance, such as the capital injection in 2020 during the peak of the COVID-19 pandemic. As insurance is a capital-intensive business, Allianz's strong financial position will offer additional support for Income Insurance's growth.

Since becoming a public non-listed company in 2022, Income Insurance has faced requests from minority shareholders for share liquidity. Allianz's offer of S$40.58 per share provides shareholders the opportunity to sell their shares.

Upon the offer's launch, minority shareholders can choose to tender all, some, or none of their shares.

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