Former NTUC Income CEO Tan Suee Chieh has strongly criticized the proposed sale of a 51% stake in Income Insurance to German insurer Allianz, describing it as a betrayal of NTUC Income's social mission.
Tan highlighted that the sale contradicts assurances made in 2022, during the corporatisation of NTUC Income, that NTUC Enterprise would remain the majority shareholder.
He emphasized that the deal seems more like a mechanism for NTUC Enterprise and other shareholders to cash out with substantial gains, rather than a genuine effort to enhance the company's capabilities.
Tan also expressed concern that the sale would erode Income Insurance's core values and identity, shifting its focus from serving Singaporeans to prioritizing shareholder profits.
He called for the preservation of Income Insurance’s social mission and values.
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