Tommy Koh opposes Allianz share acquisition of Income Insurance

Diplomat Tommy Koh has voiced his objections to Allianz’s recent announcement to acquire a majority stake in Income Insurance, formerly known as NTUC Income.

The news of Allianz’s plan to take over a majority stake was revealed last Wednesday (July 17).

Mr Koh emphasised that NTUC was founded as a cooperative to provide affordable insurance to the public.

Thus, he believes that Income Insurance, along with FairPrice, should never be sold.

Other commentators have also raised concerns about whether Income Insurance might deviate from its original mission.

Tommy Koh speaks out against Income Insurance deal with Allianz

NTUC Income was established in 1970 as a cooperative by NTUC to provide insurance to underserved workers.

In 2022, NTUC Income transitioned to a public non-listed company limited by shares, allowing it to receive investments from companies like Allianz.

This was not possible when it was a cooperative.

In a Facebook post on Tuesday (23 July), Mr Koh remarked: “A few years ago it was made into a company and ceased to be a cooperative. Now we are told that it may be sold to a German insurance company.”

He added: “It was founded to serve a social purpose and a social need. They remain valid today. I wish to argue that (Income Insurance) an...