Assoc Prof Jamus Jerome Lim asked 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.
Mr Gan Kim Yong (for the Prime Minister): The Monetary Authority of Singapore 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.
Prime Minister’s Office
10 September 2024
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=written-answer-na-17742
Office of the Leader of the Opposition 