During the parliamentary debate on 16 October 2024, Progress Singapore Party's (PSP) NCMP Leong Mun Wai voiced strong objections to the process behind the proposed deal between German insurer Allianz and Income Insurance.
The deal, which would have seen Allianz acquire a 51% stake in Income, faced scrutiny, leading to a Bill aimed at blocking the transaction. Leong expressed concerns over the lack of coordination between government agencies, particularly the Monetary Authority of Singapore (MAS) and the Ministry of Culture, Community and Youth (MCCY), highlighting that critical details of the deal, including a $1.85 billion capital reduction plan, were not disclosed until after the 6 August debate.
He argued that the deal prioritised shareholders over the interests of Income’s 1.7 million policyholders and could undermine the company's social mission.
Despite supporting the Bill, Leong urged for stronger government coordination and transparency in future transactions.
20 окт 2024
