#Singapore
#Income #Allianz #saga shows a lack of understanding of #public #sentiment
"selling Income was a #betrayal of the original idea by former DPM Goh Keng Swee who started e #insurance #cooperative to serve e needs of #lowincome #workers.. When your business was supported by a generation who stood by u thru thick & thin, I think you hv a special #responsibility to them.. Given Income’s history & its #socialmission, a sale to a foreign co is e worst possible option"
https://www.channelnewsasia.com/commentary/income-insurance-allianz-sale-ntuc-social-mission-low-income-4516691
Commentary: Income-Allianz saga shows a lack of understanding of public sentiment and how to communicate major changes

The public outcry over the sale of Income Insurance to Allianz isn’t just about the art of communication, which can be remedied. More serious is a lack of understanding of the ground and what people are concerned about, says former veteran newspaper editor Han Fook Kwang.

CNA
#Singapore Income’s deal w Allianz raises fears of #profit over #socialmission
"In a letter in ST Jan 2022, CEO Income Andrew Yeo said e exercise wld only change Income’s legal form & e new entity wld remain an #NTUC #socialenterprise. “NTUC Enterprise will continue to be e #majorityshareholder of e new entity”.. former Gp CEO #NTUCEnterprise Tan SC, echoed tt e understanding was NTUC Enterprise wld remain majority shareholder. This understand'g was breached in < 2 years"
https://www.scmp.com/week-asia/economics/article/3272684/singapore-income-insurances-deal-allianz-raises-fears-profit-over-social-mission
Singapore Income’s deal with Allianz raises fears of profit over social mission

Critics such as diplomat Tommy Koh say Income Insurance’s key role is to serve Singaporeans by keeping premiums affordable.

South China Morning Post