Written reply to Parliamentary Question on Income-Allianz deal

Date: For Parliament Sitting on 10 September 2024

Name and Constituency of Member of Parliament

Assoc Prof Jamus Jerome Lim, MP, Sengkang GRC

Question:

To ask the Prime Minister and Minister for Finance (a) whether, in MAS' review of Allianz's plan to acquire Income Insurance Ltd, it required a commitment from Allianz to provide a capital adequacy injection to grow Income Insurance Ltd across all its business lines beyond the $2.2 billion that Allianz will be paying; (b) if so, how much and over what time period is this commitment; and (c) if not, how will MAS ensure Allianz will not be allowed to rationalise Income Insurance Ltd's business after its purchase.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. MAS will assess Income Insurance's business strategy and capital management plan after Allianz submits its application to obtain effective control and be a substantial shareholder of Income.

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