NTUC Enterprise had already explained on July 30 the difference between Income Insurance's redeemable shares and irredeemable shares, which were issued to shore up capital during a period when global insurance companies had to enhance their capital requirements.
On Aug 2, Tan Suee Chieh, a former CEO of NTUC Income and NTUC Enterprise, sent an open letter to the Monetary Authority of Singapore (MAS) to put his point of view across on Allianz's offer for Income Insurance.
The gist of the letter is about Income Insurance's capital, more to the point its common equity tier 1 (CET-1) capital.
