Allianz offered to take over Income Insurance for $1.7 billion last July. The deal was controversial: Singaporeans worried that a new corporate owner might push Income away from its social mission of providing affordable insurance to Singaporeans.
Now, politicians from the ruling People’s Action Party and its main opposition, the Workers’ Party, are bringing up the now-defunct deal to score political points in hotly-contested constituencies. The main topic of debate: Why Singaporean officials were first fine with the deal before later changing their minds, and who failed to ask questions at the time.
Income Insurance used to be part of the NTUC umbrella. Even after Income’s privatization, NTUC Enterprise remains a majority shareholder, holding about 72.8% of shares.
Pritam Singh, leader of the Workers’ Party, has in turn accused the PAP’s labor MPs for not asking questions about the deal last year.
Saturday’s election will be the first political test for the PAP’s leader, Prime Minister Lawrence Wong, who took over the party last year. The PAP, which has governed Singapore since its independence in 1965, is expected to remain in power following the election.
