Written reply to PQ on Application of Safeguards and Measures under Significant Investments Review Act 2024 on Sale of Majority Stake on Income Insurance Ltd to Allianz

Question

Mr Gan Thiam Poh: To ask the Deputy Prime Minister and Minister for Trade and Industry to ensure that Income Insurance Ltd continues to serve the national social interest when it was first set up, whether the relevant safeguards and measures under the Significant Investments Review Act 2024 will apply to the sale of a majority stake in Income Insurance Ltd to Allianz.

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1. Income Insurance Limited and Allianz Europe B.V. are not designated entities under the Significant Investments Review Act. As such, the ownership or control provisions under the Act will not apply.