NTUC Income ex-CEO backs gov’t decision to halt $2.2b Income-Allianz deal

The government cited public interest concerns for calling the deal off.

Former NTUC-Income CEO Tan Suee Chieh has shown support for the government’s decision to block the proposed deal between Income Insurance and German insurer Allianz.

Tan was CEO of NTUC Income from 2007 to 2013. He then served as Group CEO of NTUC Enterprise from 2013 to 2017.

On 17 July, Allianz made an offer to acquire a 51% stake in Income for $2.2b or $40.58 per share, which led to a public backlash amidst concerns over Income’s commitment to its social mission.

“I welcome the government’s decision to change the law to reject the proposed Allianz-Income deal. This outcome underscores the importance of speaking up on matters of public interest and ensuring that the values of trust, integrity, and governance remain at the forefront of our decision-making processes,” Tan said.

The government said that the transaction in its current form is  "not in the public interest" but said that it is open to new arrangements if the concerns highlighted are fully addressed.

“Throughout this journey, I have been driven by the belief that raising concerns and fostering open dialogue is essential for safeguarding the social mission of our institutions and protecting the well-being of Singaporeans. It is through such collective efforts that we ensure decisions serve the long-term interests of the public,” he added.