NTUC Enterprise explained that the differences between the circumstances when Income Insurance was founded and today, as well as changes in the competitive landscape, indicate that “strong and continuous capital support and resilience are prerequisites for growth in this competitive environment, which a social enterprise model alone cannot shoulder.”
Tan Suee Chieh, the former CEO of NTUC Income (now Income Insurance) and NTUC Enterprise, has issued a rebuttal to NTUC Enterprise’s recent clarification. His rebuttal, published on his Facebook and LinkedIn accounts, follows his open letter to the Monetary Authority of Singapore’s (MAS) chairman, Gan Kim Yong, on Aug 2, asking government regulators to review the sale of NTUC Income to Allianz.
On July 30, NTUC Enterprise stated that Income Insurance needs to grow and thrive as an enterprise to fulfill its obligations to its policyholders.
