I bought a travel insurance from Allianz through the Singapore Airlines website (as an integral part of booking my flights). When the Marrakech earthquake happened and Ministry of Foreign Affairs issued a travel advisory against non-essential travel to Marrakech. As it was a family vacation, I cancelled my trip to Marrakech. When I tried to claim the trip cancellation from Allianz, they denied the claims on the basis that flights were still operating. That is pure profiteering. We can anticipate Allianz to raise insurance premium and try to deny/lower claims given their track record. Income doesn't need to sell 51% and give up control to leverage Allianz's scale.
This is not a merger. Not a capital injection. But sale by NTUC Enterprise, for a big profits. Why do they need to sell? What is the plan for the monies and who will profit from it? These are questions that need to be answered
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end". LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
@@LawrenceWank u joking or what? My wealth continue increase under LHL era, so are many other Singaporean. We should appreciate the government for doing a good job to provide such conductive environment for biz and work. Under PAP is: you huat, I huat, every body huat ah!
I have bought many income policies over the years. It wasn’t always the cheapest but that didn’t change my mind because of one single fact - it’s a Singapore company. I feel betrayed. What’s next , FairPrice to sell out to Walmart ?
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end". LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
Look at our power plants. When they got privatized, we were told that this will make electricity cheaper for citizens. What happened since? Our electric bill just keep going up.
Ah, 7error8lade, you sweet summer child! You thought privatisation was all about cheaper electricity? Nah, fam, this is Singapore! We don’t have oil wells in our backyard or gas fields under our kopitiams. Privatisation isn’t about making your wallet heavier-it’s about making the market leaner and meaner. Think of it as a Hunger Games for power companies. Every 5 minutes, all 7 gencos are out there, battling it out to supply electricity to the grid. Only the most competitive (or the most desperate) get to feed us that sweet, sweet electricity. So, yeah, prices go up and down like a roller coaster, depending on what’s happening in the global oil and gas circus. But hey, at least we’re not stuck with a monopoly charging us whatever they fancy, right? 23:35
Why not get former CEO Tan Suee Chieh on this? He has been the most vocal opponent of this move, and probably the one with the best grasp of Income's origin, performance, and trajectory. Quite pointless having presenters playing the role of devil's advocate if you simply don't have the knowledge.
Yea, privatizing a public service company is always a screwed up. It goes from serving the people to serving the shareholders. The eventual result will be less for everyone and more for the shareholders. Allianz is a private insurance company based in Europe. If they can extract capital out of Singaporeans and pay out as little as possible, they will do it. They are not here to protect you and I. They are here to extract capital and nothing more. Every country who sold off their public serving companies and embark on a neoliberal path ALWAYS fail its people in the end.
Income insurance ‘s previous ceo Tan Kim Lian has a concern that the total discretionary bonus of life insurance policy holders come up to about $6 billions . The new owner with controlling power can adjust the discretionary bonus. According to Tan KL, it is a good deal for Alliance to pay $2 billions for a pool of discretionary bonus of $6 billions. If this is true then it will not be good to sell controlling shares to foreign entity .
Look like selling to allianz is foregone conclusion. Then 2 points to consider :- 1. Allianz in US schemed to siphon off billions, yet allianz lost nothing except to give back some billions in fine and sack the key people. Such fraudulent venture is worth it. Nothing is implemented to prevent such fraud in the sales to allianz. Nothing is done, means allianz can rip off Singaporeans. 2. NTUC Income insurance giving reasons for the sales, such as need capital, non competitive etc etc.. That is saying management in NTUC Income insurance is incompetent. Maintaining low cost structure or seeking ways to lower costs to stay competitive is in every businesses and is the responsibility of management. Since NTUC Income insurance management is incapable, this management team must be sacked immediately. They must be enjoying the coziness and benefits. Since, allianz is taking over, this manage team is redundancy anyway, thereby saving costs in new structure.
MP and ministers having to come out to defend the sale, and cheering for NTUC enterprise tells the whole story. These people supposed need to be convinced in a public hearing by the NTUC enterprise and the board on first the corporatisation and then the sale, instead it looks like the government is orchestrating the whole transaction and renouncing the social contract that the cooperative was set up to serve. Fundamentally this is a departure of the PAP 1st, 2nd and 3rd gen social contract and promises that they had made to their voters.
Why are we having this conversation now The issue had already been settled even before it became public. This public discourse is just to let out the steam and a few months later, it will all be forgotten and people will move on. Usual tactics and before we know it Singaporean would have minority stake in this country. Wake up and start questioning.
😂 questioning got out use meh? Even WP endorse that PAP is a good government, that why WP will never want to challenge PAP as government after so many years in parliament.😂
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end". LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
I dont understand why our government allow the sales of ntuc income to allianz. What is such big deal of being paid 2.2 billion. It looks like we are short change for that 2.2 billion. Now NTUC is like a business company by making profit just like squeezing the juice out of the fruit. Are we that desparate to get that 2.2 billion. Look what happen to NOL which receives compensation frm japan for their inflicting sufferings to the singapore citizen. NOL is an asset of the singapore government and where is that asset now. NTUC Income if i am not mistaken was form by NTUC out of the unionist subscription. So why NTUC have to sell it away for that 2.2 billion. NTUC should look at it that their existence should be for singaporean. As long as NTUC Income makes money it should not be sold. Just get a good CEO who could realy push NTUC Income to have good insurance variations.
Did not address the conflict of interest of appointing Morgan Stanley as exclusive FA when Income chairman was also Chairman of Morgan Stanley SEA. Whole transaction lacks transparency
Exactly..俩个内行人ex ceo都不敢邀请，Ask 2 external to comment..What's is the moral of this chapter?? Can we public sell our voter right to opposition too since govt no longer able to support or help u,they are pushing always responsibilities with saying we are Only regulator..😂🤣😅
This podcast focused too much on trying to justify the need and the decision of Income in this sale. Comes across as trivialising the concerns of people.
What was the push to corporatized in the first place? were they already losing money? I dont buy the narrative of a "social enterprise" needing to corporatized, to be financially strong THEN to serve the social. If you're a social enterprise, then social is primary and key, and financial is secondary. there are many ways to come in to cushion the lack of financial capability / profit. At the end of the day, seems like money is the MORE important factor. so NOW with higher profit, who does the profit EXACTLY serve? how much percentage goes to the shareholders , company, board of directors, and how much percentage goes to policyholders?
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end". LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price.
The key issue is whether NTUC wants to keep it as a cooperative OR to become a profit company. The latter is to serve shareholders interest and not Sg existing policy holders.
Allianz will have to focus on profits. It has to account to its shareholders and justify the financial metrics of this investment. Ultimately, whatever assurances will be diluted over time.
the govt not stepping in and putting a stop to this BS, shows how much our country have come. Majula Singapura, happy 59th national day! If original Lee was here, Im sure he wont allow this, letting the country be sold out for profits
I dk whether this is a good move. Singaporeans believe that ntuc income is run by the Government and should remain so throughout eternal. Selling stakes to private company is like shooting yourself in the foot. Government is going to earn money but people r definitely not happy as the policy prices will definitely change. Is PAP digging it's own grave, I think so.
As chee ht say,as MAS as regulator,from this perspectives,everyone should have their eye wide open ear wide open, our govt only want easy job as regulator,do not want direct involved on any products and service pricing and directly blame to external..Just like HDB,they can push the blame to contractor n main contractor and fines them get money and regulator only involved I lectures the organization and fine them and get money..Singaporean if we observed deeply all industry be it banking,telecom and healthcare, regulator works is auditor only and then collect fines,the public never gained any benefits right??😂🤣😅🤔🤫🫣
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end". LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
The proposed t/o of Income Insurance by Allianz is just a manifestation of the level of incompetence - to put it mildly - & the and the FAILURES of previous & current NTUC office holders like Lim Swee Say, Lim Boon Heng, Halimah Yacob etc. Sama2 the epic mismanagement of the C-19 pandemic & the humongous losses in our reserves which I've stated many times in other posts. So much for Goh Chok Tong's "U R mediocre if U dun earn $500k per yr". Sorry hor, in the SGP context & the leadership, the results - humongous losses, preventable deaths, current & future health expenditures etc speak for themselves.
Well election is around the corner where Singaporeans have the chance decide their approval or disapproval Many of current MPs are formerly from NTUC including the lady ex-army general who was planted into NTUC just months before the last election to improve her credentials. Eventually these people become the “Yes men” of the system, wasting public’s money!
@@Oldlee-g6r ya with strong singdollars aunties “cheaping” away like birds in many countries especially Japan 🤣 When you hear familiar voices overseas proclaiming things are so cheap it must be Singapore aunties and uncles.
😂😂😂 so no matter how u vote PAP will still be the government for the next 50 years. Because WP do not want to take over as government. WP don't want to form opposition alliance to take over power. WP are simply a PAP dog suppressing other opposition to get more seat into parliament.
8:02 i think it was a big mistake to let in too many insurance players in the past. Brutal competition shrank INCOME's share of the pie. Govt shd hv protected INCOME as it had served very well as a cooperative: keeping policies affordable, claims were honored. Learning from this, hope our 3 banks wont suffer brutal competition from too many players.🇸🇬💪
This is awful.. shame on income. There say they will always be a spore co etc but cos of money we sold our pride so what makes us so sure we can trust them... We r so attracted to the money and say it's ok. I think the CEO shld be changed since he can't think of any other idea but to sell out. If this is his only strategy than maybe the injection shld be a new management Fair price is not a diff ballgame cos it reflects the heart of ntuc .. it's scary
I think if Ntuc Enterprise still holding more than 50% of the stock, most of us will feel better. And yes, i do feel being betrayed, as all my insurances is from Ntuc income, including one that was insured close to 30years ago.
Fundamentally, a cooperative means less stakeholders, directors, stock holders to satisfy or pay profit for, this benefits the people on the ground. Think about what these stakeholders do, to justify getting more than a salary. I agree with the previous CEO that Singapore needs more cooperative to function to cater for lower-income families. I disagree that cooperative will touch on government monies in times of crisis, again cooperative just means less people at the top wiping out profits/monies.
Just worried that the non-guaranteed returns that were already earned from the investments of the policyholders might used by Allianz for their marketing costs to expand their interest of increasing market share or for returning to their own shareholders instead of returning to the policyholders. Can only pray that the non-guaranteed earnings from investments will still be maximised for the benefit of policyholders.😢
NTUC income did well and good for many years in the past and my whole family and extended familes all bought our insurance policies from ntuc income. The service of our long term agent is very good. However, with the sales of ntuc income we are all now deciding on cashing out our policies and invest elsewhere.
The decision to get Alliance into Income is a very TOP DOWN decision by Temasek/Spore govt. There is scant information provided as to how this partnership will benefit income and the existing policy holders. This is what riles the 2M policy holders and make every one so suspicious of the deal. Furthermore, it is not as if Alliance has a sterling track record in Asia which makes it all the more so frustrating !!!
Insightful and intellectual podcast. Seriously doubt it the profit driven corporation will do good to people and what values Allianz will bring to customers in term of quality services, might be more digitalisation of claim procedures and DIY type of online services, in which they will eliminate existing organic and human financial advisers or insurance agents. Many heartlanders office was closed, I wonder many senior uncle or auntie who are not tech savvy where to find the insurance representative to do the transactions. Is there any terms of conditions to safeguard the operation of income to be enterprise eccentric to carry out like special needs people, or else they might drop this niche market if they find it no longer profitable😢, what if the foreign company exiting and abandoning Singapore, you can't eliminate the possibility of doing so, any bailing out and assurance by government to long term life insurance policy holders? I would prefer NTUC income bought over by local banks like DBS, rather than vested in the hand of foreigner, because will have 100 percent confidence in DBS, just like we have high trust in our forefather Lee Kuan Yew, they will uphold the integrity and highest level of moral ground no matter what headwind the economic situation. My two cents. 😅
😂😂😂 commoner like who? Those illiterate? Those taxi driver or any that have a degree will do? We only need talented people to give proper view and be the government. I no o level. Now I tell u my view u agree meh?😂😂😂 My advisor are all well educated professional, that why my biz continue to grow under current government.
Can we trust Allianz to honor claims like the good old NTUC INCOME? INCOME was well known for honoring claims. That integrity & good service we will miss.
What "deep dive"? Conversation flits from point to point, only superficially touching on each. As a viewer, not getting any insight here that is more profound than from a glance at the headlines in recent related news articles.
If a CEO cannot do his job to keep INCOME Insurance business viable and thriving, the best way forward is to replace the CEO and pick a new honorable CEO that is not only capable but competent in every aspect of the business.
Maybe medishield and Medicare must have more money from C.P.F Savings for more schemes from Base's for more Savings to buy Properties for more Singaporeans To investing hundreds millions of dollars from Midishield insurances, Medicare insurances,Car insurances and Travel insurances To have more investments from Banks and commerces😂?Steven Chia(CNA podcaster)
THE TRUTH WAS THE NTUC INVESTMENT DEPARTMENT ARE JUST INCAPABLE MEANT VERY UNDER PERFORM WORKER SO IN SHORT NYUC HAD NO TALENT. JUST LIKE MANY GOV SERVANT PAY HIGH BUT VERY LOW PERFORMANCE. IN SHORT TALK VERY SMART BUT CAN’T MAKE MONEY. JUST LIKE PAP PROCLAIM HOW GREAT THEY PERFORM BUT THEY NEED SINGAPOREAN TO CONTINUE TO WORK TILL DEATH AND HAD TO PAY MORE AND MORE TILL YOUR DEATH.🙈🙈🙈
This Deal between Income grp & Alliance will be a big test for Government an PM designate.. To protect the citizens or it's future businesses? Either outcome Wil leave a 'bad taste' on Spore
This is how capitalism operates. Given the current state of affairs, with Singapore being managed like a private corporation, I feel indifferent about the sale, even if it involves a Singaporean icon. Just another piece of Singaporean identity being chipped away, that's all.
Have you heard the Chinese saying " grandpa say he is right based on his reason, on the same topic, grandma's contradictory reply, say she is right based also on her reason, now who is right?". Well before that, I must tell you that grandma have abnormal authority over grandpa. Inspite that many occasions grandma did not admit her defeat after the final result, and they followed grandma's idea, guess who win this current round? You know what happened next right?, and this will go on forever, a interesting repeated story within this circle.
Aiya, tok so much for wat? Just compare NTUC Fairprice with Sheng Siong: ask yourself Y SS has now overtaken NTUC Fairprice which had a near monopoly of the mkt b4 SS became so big AND profitable? The alleged problems @ Income Insurance have serious ramifications......just look at the PREVNTABLE deaths & undue sufferings etc & the uncertain revenue MOH has to spend to treat increased cases of CANCER, cardio-vascular disease, stroke etc..........& the loss of tens if not hundreds of BILLIONs due to the incompetence, arrogance, recklessness etc of the leadership which I've stated in numerous posts
Many are still not clear how Allianz returning of $1.85b to Income is not good for Income shareholders or ordinary Singaporeans. I wish you guys had explained. ST and CNA never explain. since it was already decided previously by govt Income social mission not affected by sale to Allianz, so how exactly did return of $1.85b impact Income shareholders and Singoreans? A finance expert friend shared that income shareholders (mostly Singaporeans) will get the $1.85b. then they should be elated so why govt stopped this 1.85b return to income shareholders? can any finance expert pls expound?
"You either die a hero or live long enough to see yourself become the villain" Income was operating like other private insurance company before they move to a corporate model. With the rise of financial literacy of Sgreans who chooses their policies based on their needs, and policy premiums are also regulated by markets and government policies; selling to Allianz doesnt make a difference. I believe it is not in the best interest of Income/Allianz to remove whatever that was in-place prior to this deal. The only true socialised insurance schemes are MediShield Life, Careshield Life, CPF Life.
What parallel can 1 draw from the proposed t/o of Income Insurance by Allianz & the problems faced in the district cooling @ HDB Tengah housing estate by SP Svc (& its contractor, Daikin)........& also the preventable deaths & undue sufferings, hardships & loss of GDP output of billions of $, not to talk about more health expenditure resulting in increased cases of CANCER & other medical conditions (which of course leads to more medical insurance claims not Iforeseen by actuaries) & of course the losses of tens if hundreds of billions from our reserves? Obviously it's because of incompetence, recklessness, arrogance & conceitedness of the leadership which no one has discussed, if I'm not wrong.
This generation Singaporeans always think positive and hope. The thing about the REAL world is Singaporeans need to maintain determination and will power to work towards a better life and society in what they want. A good blend of masculine and feminine dimensions helps
Can THIS Dr Lawrence Loh must Talk's about AIA insurance company, Great Eastern Life insurance company and Prudential insurance company Could made more Lower premium's for more Singaporeans To get more funds from like One of the Insurance company AIA are still expecting more profitable Heath/Medical insurances should be have more planned for what Dr Lawrence Loh has to made Singapore Governance for more insurance company Policies😂?Steven Chia(CNA Podcaster)
Can THIS Dr Lawrence Loh made Allianz(Germany)+Income for all SINGAPOREANS for more Confidence like Aviva(Singapore) for more Singaporeans if they're would have more wonderful Car insurance,Travel insurance and medical insurances should be able to benefit's to all Singaporeans?Steven Chia(CNA Podcaster)
Can THIS Dr Lawrence Loh will made more Premium price's to go down from Allianz(Germany)+Income for all better Singaporeans To make more investing from UOB Banks and OCBC Banks for more assets and liabilities loans for more fairer and unique Singaporeans😂? Steven Chia(CNA Podcaster)
This is like parroting the same old thing we already know. Of course there are benefits and opportunities for the any form of merger, but it always comes with trade off. Is this deal really worth it? So what it makes business sense. There is no legal binding agreement to enforce Allianze to commit to social course. Is 10 years pledge really enough? What happens after and What if Allianze sell to another foreign entity? What then? Come up with a prata excuse things have changed have to LL suck thumb.
Maybe News Correspondant, Steven Chia has a lot of issues with General Elections Singapore 2024 for this Political businesses affairs from this sector of a Ministry of Trade and Finance therefore Deputy Prime Minister/Leader has not so unbelievably accounted for the right candidates if that's so unbelievably why's Lawrence Wong doesn't seem like Singaporeans has more greater advantages than the Foreigners and why's did he STILL have to making engagements for more Purposes to Worker's Party Pertim Singh to these dishonesty UNTRUSTWORTHY UNCORPORATIVE arrogance Singaporeans Are having for P.A.P codes of conduct😂? Steven Chia(CNA podcaster)
Why Allianz has deep pocket? Because it was profit focused all the way. Think Income will remain the same with Allianz at the helm? Haha my little toe is also laughing.
Income Insurance is in a way very similar to Robinson Department Stores, a national icon. Over the years it has not been doing well, and it has since lag behind it's competitors in terms of pricing, value for money,market share etc. It will go under very soon. Ask yourself, how many policies you have with income?
2.2 billion to get the power to control 43 billion. Who gain who loss. Also will this money be wrongly invested like in the USA.......and what can we do to them as we are so small.
If privatising income keeps it open, why not? It's "homegrown company"... globalization still happens in SG, besides our gov do encourage diversity 😂😢😅🔍🤔🤯💭
I bought a travel insurance from Allianz through the Singapore Airlines website (as an integral part of booking my flights). When the Marrakech earthquake happened and Ministry of Foreign Affairs issued a travel advisory against non-essential travel to Marrakech. As it was a family vacation, I cancelled my trip to Marrakech. When I tried to claim the trip cancellation from Allianz, they denied the claims on the basis that flights were still operating. That is pure profiteering. We can anticipate Allianz to raise insurance premium and try to deny/lower claims given their track record. Income doesn't need to sell 51% and give up control to leverage Allianz's scale.
This is not a merger. Not a capital injection. But sale by NTUC Enterprise, for a big profits. Why do they need to sell? What is the plan for the monies and who will profit from it? These are questions that need to be answered
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end".
LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
@@LawrenceWank u joking or what? My wealth continue increase under LHL era, so are many other Singaporean. We should appreciate the government for doing a good job to provide such conductive environment for biz and work. Under PAP is: you huat, I huat, every body huat ah!
I have bought many income policies over the years. It wasn’t always the cheapest but that didn’t change my mind because of one single fact - it’s a Singapore company. I feel betrayed. What’s next , FairPrice to sell out to Walmart ?
😂 agree. Because is a SG company that why we support like DBS too. If not we can always choose a better company for our need.
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end".
LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
That would be the guaranteed end of Fairprice.
Look at our power plants. When they got privatized, we were told that this will make electricity cheaper for citizens. What happened since? Our electric bill just keep going up.
But in a democracy, the voters have spoken
Ah, 7error8lade, you sweet summer child! You thought privatisation was all about cheaper electricity? Nah, fam, this is Singapore! We don’t have oil wells in our backyard or gas fields under our kopitiams. Privatisation isn’t about making your wallet heavier-it’s about making the market leaner and meaner.
Think of it as a Hunger Games for power companies. Every 5 minutes, all 7 gencos are out there, battling it out to supply electricity to the grid. Only the most competitive (or the most desperate) get to feed us that sweet, sweet electricity. So, yeah, prices go up and down like a roller coaster, depending on what’s happening in the global oil and gas circus. But hey, at least we’re not stuck with a monopoly charging us whatever they fancy, right? 23:35
@@LonganLeeYa right. Choose a time where people get out tour give option not to vote. Calculated risk
@@Oldlee-g6r yes, the right not to vote is also should be considered a human right
@@LonganLee all calculated timing geo psychology
Why not get former CEO Tan Suee Chieh on this? He has been the most vocal opponent of this move, and probably the one with the best grasp of Income's origin, performance, and trajectory. Quite pointless having presenters playing the role of devil's advocate if you simply don't have the knowledge.
Yea, privatizing a public service company is always a screwed up. It goes from serving the people to serving the shareholders. The eventual result will be less for everyone and more for the shareholders. Allianz is a private insurance company based in Europe. If they can extract capital out of Singaporeans and pay out as little as possible, they will do it.
They are not here to protect you and I. They are here to extract capital and nothing more. Every country who sold off their public serving companies and embark on a neoliberal path ALWAYS fail its people in the end.
Income insurance ‘s previous ceo Tan Kim Lian has a concern that the total discretionary bonus of life insurance policy holders come up to about $6 billions . The new owner with controlling power can adjust the discretionary bonus. According to Tan KL, it is a good deal for Alliance to pay $2 billions for a pool of discretionary bonus of $6 billions. If this is true then it will not be good to sell controlling shares to foreign entity .
Neo liberalism only benefit rich people in rich countries. Look at Uk ‘S privatisation process. NHS is now a shambles.
Look like selling to allianz is foregone conclusion. Then 2 points to consider :-
1. Allianz in US schemed to siphon off billions, yet allianz lost nothing except to give back some billions in fine and sack the key people. Such fraudulent venture is worth it.
Nothing is implemented to prevent such fraud in the sales to allianz. Nothing is done, means allianz can rip off Singaporeans.
2. NTUC Income insurance giving reasons for the sales, such as need capital, non competitive etc etc.. That is saying management in NTUC Income insurance is incompetent. Maintaining low cost structure or seeking ways to lower costs to stay competitive is in every businesses and is the responsibility of management. Since NTUC Income insurance management is incapable, this management team must be sacked immediately. They must be enjoying the coziness and benefits. Since, allianz is taking over, this manage team is redundancy anyway, thereby saving costs in new structure.
MP and ministers having to come out to defend the sale, and cheering for NTUC enterprise tells the whole story. These people supposed need to be convinced in a public hearing by the NTUC enterprise and the board on first the corporatisation and then the sale, instead it looks like the government is orchestrating the whole transaction and renouncing the social contract that the cooperative was set up to serve.
Fundamentally this is a departure of the PAP 1st, 2nd and 3rd gen social contract and promises that they had made to their voters.
Why are we having this conversation now The issue had already been settled even before it became public. This public discourse is just to let out the steam and a few months later, it will all be forgotten and people will move on. Usual tactics and before we know it Singaporean would have minority stake in this country. Wake up and start questioning.
😂 questioning got out use meh? Even WP endorse that PAP is a good government, that why WP will never want to challenge PAP as government after so many years in parliament.😂
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end".
LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
This was not a deep dive, merely justification of the sale to Allianz, sigh.
I am born German, and Allianz is a solid company.
But certain things are better to keep in your very own hands.
I dont understand why our government allow the sales of ntuc income to allianz. What is such big deal of being paid 2.2 billion. It looks like we are short change for that 2.2 billion. Now NTUC is like a business company by making profit just like squeezing the juice out of the fruit. Are we that desparate to get that 2.2 billion. Look what happen to NOL which receives compensation frm japan for their inflicting sufferings to the singapore citizen. NOL is an asset of the singapore government and where is that asset now. NTUC Income if i am not mistaken was form by NTUC out of the unionist subscription. So why NTUC have to sell it away for that 2.2 billion. NTUC should look at it that their existence should be for singaporean. As long as NTUC Income makes money it should not be sold. Just get a good CEO who could realy push NTUC Income to have good insurance variations.
Did not address the conflict of interest of appointing Morgan Stanley as exclusive FA when Income chairman was also Chairman of Morgan Stanley SEA. Whole transaction lacks transparency
CNA didn’t invite Tan Kin Lian or any of the previous CEO, only the 2 pro Allianz guys…. What terrible public broadcaster
Exactly..俩个内行人ex ceo都不敢邀请，Ask 2 external to comment..What's is the moral of this chapter?? Can we public sell our voter right to opposition too since govt no longer able to support or help u,they are pushing always responsibilities with saying we are Only regulator..😂🤣😅
Only country in financial problem need to keep selling it's Assets. Is Singapore run by the right people?
DUMB 61% Voted to Be SCREWED
When the government has decided to stop supporting the poorer ones on insurance coverage, u will be expecting a higher and higher cpf contribution
This podcast focused too much on trying to justify the need and the decision of Income in this sale. Comes across as trivialising the concerns of people.
What was the push to corporatized in the first place? were they already losing money? I dont buy the narrative of a "social enterprise" needing to corporatized, to be financially strong THEN to serve the social. If you're a social enterprise, then social is primary and key, and financial is secondary. there are many ways to come in to cushion the lack of financial capability / profit. At the end of the day, seems like money is the MORE important factor. so NOW with higher profit, who does the profit EXACTLY serve? how much percentage goes to the shareholders , company, board of directors, and how much percentage goes to policyholders?
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end".
LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price.
LHL almost had the parliament upside down with the Indian ministers. He should resigned.
I prefer yah lah but tan kin lian podcast on this topic which cover more comprehensively. Really great concerns ....
The key issue is whether NTUC wants to keep it as a cooperative OR to become a profit company. The latter is to serve shareholders interest and not Sg existing policy holders.
Allianz will have to focus on profits. It has to account to its shareholders and justify the financial metrics of this investment. Ultimately, whatever assurances will be diluted over time.
the govt not stepping in and putting a stop to this BS, shows how much our country have come. Majula Singapura, happy 59th national day!
If original Lee was here, Im sure he wont allow this, letting the country be sold out for profits
I FULLY AGREE!!! We need LKY like back at the helm. Almost all existing one fails!!
The guy in dark blue talk about Tiger Beer, that’s wrong. Tiger Beer belonged to APB which always had Dutch shareholders, for longest time.
If income insurance is in deficit, then raise prices. By selling yourself n dumping your social responsibility is not the solution.
Would anyone expect state media to say things in a certain way? As it were, against the grain?
I dk whether this is a good move. Singaporeans believe that ntuc income is run by the Government and should remain so throughout eternal. Selling stakes to private company is like shooting yourself in the foot. Government is going to earn money but people r definitely not happy as the policy prices will definitely change. Is PAP digging it's own grave, I think so.
As chee ht say,as MAS as regulator,from this perspectives,everyone should have their eye wide open ear wide open, our govt only want easy job as regulator,do not want direct involved on any products and service pricing and directly blame to external..Just like HDB,they can push the blame to contractor n main contractor and fines them get money and regulator only involved I lectures the organization and fine them and get money..Singaporean if we observed deeply all industry be it banking,telecom and healthcare, regulator works is auditor only and then collect fines,the public never gained any benefits right??😂🤣😅🤔🤫🫣
NTUC prices are crazy. They lose money. Better to sell n let someone else carry the bag.
How much is NTUC CEO paid and what does he get if the merger is successful? Why cant Income go back to be a Co-Operative but with improved changes?
Maybe he'll get a golden parachute and won't be CEO after the merger? Since Allianz is the majority shareholder, they might bring in their own guy.
Definitely new ceo after merger. Standard practice.
Country being SOLD Away
Sold by PAP. Singaporeans thought they could trust PAP.
There is a saying "wealth don't last three generations.". NTUC is the perfect example. LKY started the foundation for NTUC. GCT institutionalized and propelled it. In the end, LHL squandered it and Income is being put up for sale. Finally in PM LW's own words, "this is the beginning of the end".
LHL should have never been given the opportunity to be PM. He was the PM only because he inherited the Lee family name. LKY made a grave mistake and Singaporeans are here paying the price
One at a time, slowly and surely benefits rest with the rich. What we get, probably the crumbs.
The proposed t/o of Income Insurance by Allianz is just a manifestation of the level of incompetence - to put it mildly - & the and the FAILURES of previous & current NTUC office holders like Lim Swee Say, Lim Boon Heng, Halimah Yacob etc. Sama2 the epic mismanagement of the C-19 pandemic & the humongous losses in our reserves which I've stated many times in other posts. So much for Goh Chok Tong's "U R mediocre if U dun earn $500k per yr". Sorry hor, in the SGP context & the leadership, the results - humongous losses, preventable deaths, current & future health expenditures etc speak for themselves.
Well election is around the corner where Singaporeans have the chance decide their approval or disapproval
Many of current MPs are formerly from NTUC including the lady ex-army general who was planted into NTUC just months before the last election to improve her credentials.
Eventually these people become the “Yes men” of the system, wasting public’s money!
People busy go tour. Calculated statistics
@@Oldlee-g6r ya with strong singdollars aunties “cheaping” away like birds in many countries especially Japan 🤣
When you hear familiar voices overseas proclaiming things are so cheap it must be Singapore aunties and uncles.
@@2-worlds-on-earth so these ppl don't vote
Even WP agree that PAP doing a good job, that why WP will never want to challenge PAP as the government. WP only want the pay of MP😂😂😂
😂😂😂 so no matter how u vote PAP will still be the government for the next 50 years. Because WP do not want to take over as government. WP don't want to form opposition alliance to take over power. WP are simply a PAP dog suppressing other opposition to get more seat into parliament.
How can you draw an analogy of selling Tiger to selling of Income? The importance of these two companies to people is chalk and cheese.
8:02 i think it was a big mistake to let in too many insurance players in the past. Brutal competition shrank INCOME's share of the pie. Govt shd hv protected INCOME as it had served very well as a cooperative: keeping policies affordable, claims were honored.
Learning from this, hope our 3 banks wont suffer brutal competition from too many players.🇸🇬💪
This is awful.. shame on income. There say they will always be a spore co etc but cos of money we sold our pride so what makes us so sure we can trust them...
We r so attracted to the money and say it's ok. I think the CEO shld be changed since he can't think of any other idea but to sell out. If this is his only strategy than maybe the injection shld be a new management
Fair price is not a diff ballgame cos it reflects the heart of ntuc .. it's scary
I think if Ntuc Enterprise still holding more than 50% of the stock, most of us will feel better. And yes, i do feel being betrayed, as all my insurances is from Ntuc income, including one that was insured close to 30years ago.
Fundamentally, a cooperative means less stakeholders, directors, stock holders to satisfy or pay profit for, this benefits the people on the ground. Think about what these stakeholders do, to justify getting more than a salary. I agree with the previous CEO that Singapore needs more cooperative to function to cater for lower-income families. I disagree that cooperative will touch on government monies in times of crisis, again cooperative just means less people at the top wiping out profits/monies.
Just worried that the non-guaranteed returns that were already earned from the investments of the policyholders might used by Allianz for their marketing costs to expand their interest of increasing market share or for returning to their own shareholders instead of returning to the policyholders. Can only pray that the non-guaranteed earnings from investments will still be maximised for the benefit of policyholders.😢
shouldn't give majority shares to foreigners and it is not as if there are no deep pockets fund managers who are Singapore registered organisations.
NTUC income did well and good for many years in the past and my whole family and extended familes all bought our insurance policies from ntuc income. The service of our long term agent is very good. However, with the sales of ntuc income we are all now deciding on cashing out our policies and invest elsewhere.
The decision to get Alliance into Income is a very TOP DOWN decision by Temasek/Spore govt. There is scant information provided as to how this partnership will benefit
income and the existing policy holders. This is what riles the 2M policy holders and make every one so suspicious of the deal. Furthermore, it is not as if Alliance has a sterling track record in Asia which makes it all the more so frustrating !!!
Why didnt Temasek buy over?
It's not because of urgent need for funds? I no no leh. Boy Boy here
It is only a matter of time
@@ianlim8655 imagine if a critical mass of say 30% voters demand for it , they dare not?🤭
Income, why are you betraying us like that? I trusted and supported you for so long!
Insightful and intellectual podcast. Seriously doubt it the profit driven corporation will do good to people and what values Allianz will bring to customers in term of quality services, might be more digitalisation of claim procedures and DIY type of online services, in which they will eliminate existing organic and human financial advisers or insurance agents. Many heartlanders office was closed, I wonder many senior uncle or auntie who are not tech savvy where to find the insurance representative to do the transactions. Is there any terms of conditions to safeguard the operation of income to be enterprise eccentric to carry out like special needs people, or else they might drop this niche market if they find it no longer profitable😢, what if the foreign company exiting and abandoning Singapore, you can't eliminate the possibility of doing so, any bailing out and assurance by government to long term life insurance policy holders? I would prefer NTUC income bought over by local banks like DBS, rather than vested in the hand of foreigner, because will have 100 percent confidence in DBS, just like we have high trust in our forefather Lee Kuan Yew, they will uphold the integrity and highest level of moral ground no matter what headwind the economic situation. My two cents. 😅
This discussion does not include commoners. Not a balanced view.
😂😂😂 commoner like who? Those illiterate? Those taxi driver or any that have a degree will do? We only need talented people to give proper view and be the government. I no o level. Now I tell u my view u agree meh?😂😂😂 My advisor are all well educated professional, that why my biz continue to grow under current government.
Can we trust Allianz to honor claims like the good old NTUC INCOME? INCOME was well known for honoring claims. That integrity & good service we will miss.
What "deep dive"? Conversation flits from point to point, only superficially touching on each. As a viewer, not getting any insight here that is more profound than from a glance at the headlines in recent related news articles.
Follow the money trail. Ask yourself, who gets to benefits most from the sale? Answer is right there
If a CEO cannot do his job to keep INCOME Insurance business viable and thriving, the best way forward is to replace the CEO and pick a new honorable CEO that is not only capable but competent in every aspect of the business.
is this really deep dive?
Sell off your inheritance for a bowl of soup
Maybe medishield and Medicare must have more money from C.P.F Savings for more schemes from Base's for more Savings to buy Properties for more Singaporeans To investing hundreds millions of dollars from Midishield insurances, Medicare insurances,Car insurances and Travel insurances To have more investments from Banks and commerces😂?Steven Chia(CNA podcaster)
THE TRUTH WAS THE NTUC INVESTMENT DEPARTMENT ARE JUST INCAPABLE MEANT VERY UNDER PERFORM WORKER SO IN SHORT NYUC HAD NO TALENT. JUST LIKE MANY GOV SERVANT PAY HIGH BUT VERY LOW PERFORMANCE. IN SHORT TALK VERY SMART BUT CAN’T MAKE MONEY. JUST LIKE PAP PROCLAIM HOW GREAT THEY PERFORM BUT THEY NEED SINGAPOREAN TO CONTINUE TO WORK TILL DEATH AND HAD TO PAY MORE AND MORE TILL YOUR DEATH.🙈🙈🙈
This Deal between Income grp & Alliance will be a big test for Government an PM designate..
To protect the citizens or it's future businesses?
Either outcome Wil leave a 'bad taste' on Spore
NTUC plays an important role in stabilising prices of daily necessities. Income insurance plays a similar role. I am against selling income insurance.
Ntuc should not be sold. . Even taxi drivers i spoke with agrees. .
invite Tan Suee Chieh for a response video pls
This is how capitalism operates. Given the current state of affairs, with Singapore being managed like a private corporation, I feel indifferent about the sale, even if it involves a Singaporean icon.
Just another piece of Singaporean identity being chipped away, that's all.
Dont have to watch this, you already know the answer 😂
Tiger Beer and insurance service are not the same thing. Of course people do not complain when Tiger Beer was sold.
Is the message, Accept it , and be Happy?
Have you heard the Chinese saying " grandpa say he is right based on his reason, on the same topic, grandma's contradictory reply, say she is right based also on her reason, now who is right?". Well before that, I must tell you that grandma have abnormal authority over grandpa. Inspite that many occasions grandma did not admit her defeat after the final result, and they followed grandma's idea, guess who win this current round? You know what happened next right?, and this will go on forever, a interesting repeated story within this circle.
Aiya, tok so much for wat? Just compare NTUC Fairprice with Sheng Siong: ask yourself Y SS has now overtaken NTUC Fairprice which had a near monopoly of the mkt b4 SS became so big AND profitable? The alleged problems @ Income Insurance have serious ramifications......just look at the PREVNTABLE deaths & undue sufferings etc & the uncertain revenue MOH has to spend to treat increased cases of CANCER, cardio-vascular disease, stroke etc..........& the loss of tens if not hundreds of BILLIONs due to the incompetence, arrogance, recklessness etc of the leadership which I've stated in numerous posts
Has anyone at CNA spoken or interviewed Income policyholder?
Afraid of maybe, backlashes?
What abt the capital draw down of $1.85 billion? No explanation on this?
This video was shown 2mths ago. Already outdated.😆CNA better come out with a new video to update on this saga.
If there is no pressure to raise premium (according to gentlemen next to Steve), why should income sell the business?
Should I withdraw/cancelled all my insurance n go somewhere else
I wouldn't want to depend on an external entity for my insurance
Gosh this conversation aged well for sure... how about a follow up episode given the new information that came to light stevie
INCOME
IN
CRISIS
DUE TO
BONDS PORTFOLIOS
⁉️🤥🤔
They play cheat as earlier only pay u $10 and now allianze offer so high..😂🤣😅this is cheating game..
Many are still not clear how Allianz returning of $1.85b to Income is not good for Income shareholders or ordinary Singaporeans. I wish you guys had explained. ST and CNA never explain. since it was already decided previously by govt Income social mission not affected by sale to Allianz, so how exactly did return of $1.85b impact Income shareholders and Singoreans? A finance expert friend shared that income shareholders (mostly Singaporeans) will get the $1.85b. then they should be elated so why govt stopped this 1.85b return to income shareholders? can any finance expert pls expound?
"You either die a hero or live long enough to see yourself become the villain" Income was operating like other private insurance company before they move to a corporate model.
With the rise of financial literacy of Sgreans who chooses their policies based on their needs, and policy premiums are also regulated by markets and government policies; selling to Allianz doesnt make a difference. I believe it is not in the best interest of Income/Allianz to remove whatever that was in-place prior to this deal.
The only true socialised insurance schemes are MediShield Life, Careshield Life, CPF Life.
Help people. The profits will follow. Stop helping people and whatever profit you had will disappear
really love the female host, bringing up brutal questions I would have thought would not be allowed on a national platform.
Hope Steve can step up!
What parallel can 1 draw from the proposed t/o of Income Insurance by Allianz & the problems faced in the district cooling @ HDB Tengah housing estate by SP Svc (& its contractor, Daikin)........& also the preventable deaths & undue sufferings, hardships & loss of GDP output of billions of $, not to talk about more health expenditure resulting in increased cases of CANCER & other medical conditions (which of course leads to more medical insurance claims not Iforeseen by actuaries) & of course the losses of tens if hundreds of billions from our reserves? Obviously it's because of incompetence, recklessness, arrogance & conceitedness of the leadership which no one has discussed, if I'm not wrong.
I like this forum, commendable, listening to experts is so edifying, why not include mr tan kim lian, he is experience n fresh interesting views,,,,
🥱 Watch CNA on Singapore affairs is a waste of brain time. Hopeless - utter lack of objectivity. The chap from NUS is talk lots of theoretical crap!
This generation Singaporeans always think positive and hope. The thing about the REAL world is Singaporeans need to maintain determination and will power to work towards a better life and society in what they want. A good blend of masculine and feminine dimensions helps
Why not have insurance protection for unemployment/Retrenchement??
Can THIS Dr Lawrence Loh must Talk's about AIA insurance company, Great Eastern Life insurance company and Prudential insurance company Could made more Lower premium's for more Singaporeans To get more funds from like One of the Insurance company AIA are still expecting more profitable Heath/Medical insurances should be have more planned for what Dr Lawrence Loh has to made Singapore Governance for more insurance company Policies😂?Steven Chia(CNA Podcaster)
If indeed NTUC Income is underperforming , is that due to incompetent management rather than macro economic financial operating conditions.
Income policy is not cheap
When is not cheap
Ntuc fair supermarket
Is not cheap
Can THIS Dr Lawrence Loh made Allianz(Germany)+Income for all SINGAPOREANS for more Confidence like Aviva(Singapore) for more Singaporeans if they're would have more wonderful Car insurance,Travel insurance and medical insurances should be able to benefit's to all Singaporeans?Steven Chia(CNA Podcaster)
now that the party line has changed, I look forward to 'expert commentary' taking a 180 degree turn
😂😂😂😂 roti prata experts
There should be an update on this podcast
i completely shake my head hearing these 4 putting on sober looks doing damage control
Can THIS Dr Lawrence Loh will made more Premium price's to go down from Allianz(Germany)+Income for all better Singaporeans To make more investing from UOB Banks and OCBC Banks for more assets and liabilities loans for more fairer and unique Singaporeans😂? Steven Chia(CNA Podcaster)
When is NTUC FairPrice up for sale ?
I think the curse will return: rather die than to be sick.
This is like parroting the same old thing we already know. Of course there are benefits and opportunities for the any form of merger, but it always comes with trade off. Is this deal really worth it? So what it makes business sense. There is no legal binding agreement to enforce Allianze to commit to social course. Is 10 years pledge really enough? What happens after and What if Allianze sell to another foreign entity? What then? Come up with a prata excuse things have changed have to LL suck thumb.
Maybe News Correspondant, Steven Chia has a lot of issues with General Elections Singapore 2024 for this Political businesses affairs from this sector of a Ministry of Trade and Finance therefore Deputy Prime Minister/Leader has not so unbelievably accounted for the right candidates if that's so unbelievably why's Lawrence Wong doesn't seem like Singaporeans has more greater advantages than the Foreigners and why's did he STILL have to making engagements for more Purposes to Worker's Party Pertim Singh to these dishonesty UNTRUSTWORTHY UNCORPORATIVE arrogance Singaporeans Are having for P.A.P codes of conduct😂? Steven Chia(CNA podcaster)
May be wise to consider taking out the bonuses and only keeping basic cover as soon as age allows
INCOME
WAS A
MONOPOLY
😇
Why Allianz has deep pocket? Because it was profit focused all the way. Think Income will remain the same with Allianz at the helm? Haha my little toe is also laughing.
Income Insurance is in a way very similar to Robinson Department Stores, a national icon. Over the years it has not been doing well, and it has since lag behind it's competitors in terms of pricing, value for money,market share etc. It will go under very soon.
Ask yourself, how many policies you have with income?
2.2 billion to get the power to control 43 billion.
Who gain who loss.
Also will this money be wrongly invested like in the USA.......and what can we do to them as we are so small.
If privatising income keeps it open, why not? It's "homegrown company"... globalization still happens in SG, besides our gov do encourage diversity
😂😢😅🔍🤔🤯💭
Pap media
When Income set up where did they get their pay up capital ?
By right, Real competition is put it up against international players. So what if you are just national champions in your country?