Latest news with #IncomeInsurance
CNA
5 days ago
- Business
- CNA
At least 146 Income Insurance customers hit by ransomware attack on data handling firm
SINGAPORE: A ransomware attack on a Singapore-based data handling service provider has compromised the personal information of at least 146 Income Insurance policy holders. The company in question, DataPost, is in the early stages of investigating the attack, the firm said on Thursday (May 29). DataPost was responsible for the printing and mailing of some of Income Insurance policy holders' documents, the insurer said in a separate statement, adding that affected customers' bonus statements had been compromised. DataPost, which works with government agencies and financial institutions, among others, told CNA its investigations "will take time to complete". In response to queries from CNA, a spokesperson from the Personal Data Protection Commission (PDPC) said that it is aware of the case and is also investigating. A spokesperson from the Cyber Security Agency told CNA that the agency is aware of the incident and has reached out to DataPost to offer assistance. "We are keeping a close watch on developments," they added. In ransomware attacks, threat actors typically use malicious software to encrypt files on servers, then demand a ransom in exchange for unlocking these files. The attack on DataPost was flagged on May 27 by infosecurity blog RedPacket Security and cybersecurity platform HookPhish. The breach led to data exfiltration, or the unauthorised transfer of data, and appeared to involve multiple tools and personnel, suggesting a coordinated attack, according to RedPacket Security. The threat group was identified as "direwolf", and allegedly used various infostealers – or malicious software that breaches computer systems – to gather the data. CNA has contacted DataPost for further comment on the scale and severity of the attack. INCOME INSURANCE COMPROMISED In its statement, Income Insurance said that it was alerted to the incident on Sunday. The compromised data included information such as names, postal addresses, policy numbers and plans, and annual bonuses for the year 2024. Upon being notified, the insurer immediately suspended all printing jobs with DataPost. The company also blocked connections to DataPost and reinforced firewall restrictions. Income Insurance said it was on "heightened alert" to monitor for any suspicious activity, and is reaching out to all policy holders who might have been impacted by the breach, the company said. It added that there is currently no evidence of unauthorised access to any of its digital platforms and that it will "work closely" with both relevant authorities and DataPost to assess the full impact of the incident. The insurer's CEO Andrew Yeo said that protecting the privacy and security of policy holders' personal information was of "utmost importance". "We believe in informing our policy holders promptly and empathise with the concern this incident may cause," he said, adding that the company will continue to provide updates as more information becomes available. DataPost provides e-invoicing services to financial institutions, insurance companies, telecommunication companies and government agencies in Singapore and Malaysia. It handles over 40 million documents per month, according to its website. The company said its facilities are audited annually by banks and third-party auditors to ensure compliance with data security and operational security requirements. Singapore's Infocomm Media Development Authority (IMDA) has accredited DataPost as the service provider for InvoiceNow, a nationwide e-invoicing network. Through InvoiceNow, companies can transmit e-invoices in a standard digital format across different finance systems. DataPost told CNA that it will comply with all regulatory obligations throughout the course of the investigation.
Straits Times
27-05-2025
- Business
- Straits Times
Get ready for a sports challenge, whether you are in your 20s or 60s
Mr Steven Chek, 63, and Ms Jaslyn Koh, 31, both plan to run the 55km ultramarathon at the Income Eco Run in June. ST PHOTO: LIM YAOHUI SINGAPORE – Ms Jaslyn Koh and Mr Steven Chek are three decades apart in age, but both are training to run the same 55km ultramarathon on June 7. They are among 10 runners invited to clock this distance to celebrate Income Insurance's 55th anniversary. Mr Chek, 63, took up running three years ago when he retired from roles in sales and business development in companies making healthcare products or adhesives. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
18-05-2025
- Business
- Business Times
Income's financial advisory arm wants to capture demand for alternative investments
[SINGAPORE] Amid growing demand for private market and alternative investment products in Singapore, financial advisers are increasing efforts to offer products in addition to the traditional insurance and investment products. Income Insurance's independent financial advisory arm, Income Advisory Financial Advisers (Iafa), is one such example. Studies show that the demand for alternative investments is projected to reach US$25.8 trillion by 2032, growing at a compound annual growth rate of 7.9 per cent from 2024 to 2032. This growth is expected to outpace the 7 per cent to 14 per cent increase seen in mainstream products, driven by global economic shifts and market disruptions. With a network of 255 advisers, Iafa is transitioning to a partnership-based business model that expands the range of products available to clients. Beyond traditional insurance and investment options, advisers will be able to access private markets, alternative investments and structured products. This strategic shift follows the appointment of Grace Yong as CEO in February. She told The Business Times that many products commonly available in the broader wealth space were not being made available to financial advisers or their clients. 'The shift in our business model stems from a need to better serve our customers with the increasing demand for value-driven advisory services, and differentiate ourselves in this competitive advisory landscape,' she added. Yong assumed the role of chief executive in February, having previously held senior roles at Tiger Brokers Singapore and iFast Corporation overseeing growth, customer operations and strategic partnerships. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Iafa CEO Grace Yong says: 'The shift in our business model stems from a need to better serve our customers with the increasing demand for value-driven advisory services, and differentiate ourselves in this competitive advisory landscape.' PHOTO: IAFA As part of its new model, Iafa has started working with three key partners – digital wealth platform Arta Finance, brokerage firm Tiger Brokers, and ride-hailing company Ryde – in the past quarter. These additions complement Iafa's existing network of more than 80 partners, spanning life and general insurance, investment, asset management, and non-traditional sectors including Singlife, Manulife, HSBC, and Etiqa. Under the Financial Advisers Act introduced in 2002, financial advisers were only allowed to offer insurance products from providers with whom they had distribution agreements, as well as investment products available through a few servicing platforms. Over the years, Yong noted that the product suite expanded to include equities, bonds, and unit trusts, with structured products introduced more recently. But with demand growing for alternative investments, by partnering with like-minded firms, Iafa aims to help its advisers expand their range of product offerings. Looking ahead, Iafa is targeting 12 per cent growth in its number of partners by 2025, with a particular focus on strengthening its collaborations with Arta, Tiger Brokers, and Ryde. With these three new partners, Iafa has seen a 35 per cent increase in case count and a 75 per cent rise in total sales from February to March. Yong noted that each partner brings unique strengths. For example, Arta Finance offers fractional access to private market investments, with Iafa being its first and anchor distribution partner. She explained: 'We want to enable access to investment opportunities in both private and public markets, which is what Arta has because their platform is unique in providing private credit, private equities and venture capital.' Growing appeal Yong observed that private markets and alternative products are usually reserved for the ultra-wealthy, leaving most retail clients unaware of such opportunities. The growing appeal of private markets, Yong noted, is driven by investors' increasing desire for returns that are not correlated with public markets – particularly in the current economic climate, which is marked by volatility and inflation. Private markets, she added, provide unique long-term diversification opportunities. They offer access to growth sectors and assets that are not typically available through public exchanges, making them an attractive option for investors seeking to enhance their portfolios. Yong also pointed to research showing that the traditional 60/40 portfolio, once designed to balance risk and return, is no longer optimal in today's market environment. Instead, she believes a 40/30/30 allocation – comprising stocks, bonds, and alternatives – has outperformed traditional portfolios, especially during periods of high inflation, such as the current market conditions. With the 40/30/30 portfolio allocation approach, where up to 30 per cent of a client's portfolio can be dedicated to alternative and private market products, Iafa aims to balance clients' risk exposure. Given the unique risks of private markets, the firm also uses a layered approach to align investments with each client's risk profile. 'We embed risk-profiling tools and conduct suitability checks within our advisory workflow, ensuring that clients are only introduced to products that align with their risk tolerance and investment horizon,' Yong said. When asked if Iafa expects advisers to be well-versed in private markets, Yong acknowledged that the space is new for many of them. Since such products were traditionally unavailable to them, Iafa offers comprehensive training to those unfamiliar with private markets. This training is both in-house and developed in collaboration with Iafa's partners, leveraging their expertise. For more experienced advisers, particularly those with backgrounds in private banking or high-net-worth clients, Yong said that Iafa focuses on advanced training in portfolio allocation, and market positioning. She further clarified that Iafa's advisers are certified through the CMFAS Examinations, which are the licensing requirements for capital markets and financial advisory services in Singapore. 'We want to make sure that our advisers are always kept up to speed with what's happening in the market, and we also try to provide ongoing updates through webinars and market outlooks.' For instance, clients engaged in alternative investments are expected to be accredited investors, which exempts their advisers from certain examinations. Nevertheless, Iafa ensures that all advisers are fully certified before they can provide alternative investment advisory services. Yong said that Iafa conducts product-specific training, with a particular focus on positioning alternative products within client portfolios. This training helps advisers guide clients on how to integrate alternative allocations. 'We want to arm our advisers with the knowledge, and support them with structured training and content, especially in such times of uncertainty where clients need confidence and clarity,' she added.
Straits Times
18-05-2025
- Lifestyle
- Straits Times
Outdoorsy cat Money is one of the 100 pets participating in Income Eco Run 2025
Ms Tan Yan Ning's cat Money will be one of the 100 animals that will be taking part in the pets category of the Income Eco Run on June 8. ST PHOTO: KELVIN CHNG Outdoorsy cat Money is one of the 100 pets participating in Income Eco Run 2025 SINGAPORE – Unlike his three adoptive siblings, Money enjoys being outdoors and is often seen leashed walking in parks. The one-year-old male Persian-munchkin mix is the most sociable cat in the family, say his owners Tan Yan Ning and Michelle Quek. Money is also the youngest of the four adopted felines, which include four-year-old female Waffle, three-year-old female Maple and three-year-old male Bubble. The trio are domestic shorthairs. Money will be among the 92 dogs and eight cats participating in the inaugural pets category of the annual Income Eco Run (IER) on June 8, where pets and their owners complete a 1km event that will kick off at Marina Barrage. While Waffle, Maple and Bubble are introverted homebodies, Money is the opposite, says Ms Tan. 'Money is an extrovert. He loves humans and is comfortable around people,' adds the 33-year-old tech consultant. Money's owners have been taking him to parks, cafes and crowded places such as Singapore's largest pet event Pet Expo ever since they adopted him when he was a two-month-old kitten. The pawrents noticed his friendly personality and decided to train him to be an 'outdoor animal' while he was still young. 'He enjoys being in the car. He will sit in different areas like the back seat or on our laps, or perch at the back and look out the window,' says Ms Tan. 'We take him out every weekend, so it's become part of his routine. He's very calm and adaptable during travel,' she adds. Money is used to the attention he receives from strangers when they see a cat on a leash. 'We have had a lot of people coming to us when they saw us walking Money, as they didn't know cats can be leashed,' says Ms Quek, a 40-year-old account director, adding that such interactions allow them to share their cat-raising experiences with the public. Money also likes being in his pram, where he can observe people and the surroundings. For the IER, Ms Quek will participate alongside Money. Though Money is no stranger to the outdoors and is 'fiercer than dogs', he will be in his pram for the run to ensure he is comfortable and secure, says Ms Quek. 'Also, it'll take too long for Money to complete the 1km if we let him walk on his own,' adds Ms Tan, who will be joining the 21.1km half-marathon category. The one-year-old male Persian-munchkin mix is the most sociable cat in the family. ST PHOTO: KELVIN CHNG Though Ms Tan and Ms Quek are self-confessed 'dog people', their love for cats started when Waffle became part of their family in 2021. The pair also foster two kittens. 'We cannot legally adopt any more, so they will need forever homes.' Since its inception in 2017, the IER has been one of home-grown insurance company Income Insurance's ways of championing climate-positive awareness by encouraging the public to practise a zero-waste lifestyle. The pets category in the IER is a new initiative to commemorate the company's 55th anniversary and highlight the environmental impact of pet ownership. It seeks to encourage sustainable practices, such as using eco-friendly pet products. There will also be a pet-friendly IER Eco Festival on May 31 and June 1 at Guoco Tower. Here, animal lovers can check out the interactive and eco-friendly activities available when they collect their run packs. IER's focus on zero-waste includes having smaller bibs, compostable cups and encouraging the use of recycled T-shirts. Ms Tan says practising sustainability with four cats is 'still a learning process'. They have started making small changes, such as repurposing old towels for the cats' bedding and turning an unused shelf into a cat perch. They also try to avoid single-use toys and will upcycle cardboard boxes into the cats' toys. Dr Ashley Liew will participate in the 21.1km run before joining his dog Tiger for the 1km pets category. PHOTO: LIANHE ZAOBAO For Dr Ashley Liew, sustainability starts with simple, responsible choices. The former national marathoner adds that small, everyday actions can make an impact. For instance, he takes along reusable hydration cups and biodegradable poop bags when he takes his dog Tiger, a 12-year-old male Jack Russell Schnauzer mix, on their daily runs. The 38-year-old chiropractor has signed up for two categories in the IER: the half-marathon and the pets run. It will be Dr Liew's fourth time participating in the IER, after having ran in 2012, 2018 and 2024. While it will be Tiger's first time at the IER, the pooch has joined dog races such as Singapore Heart Foundation's Woof-a-thon in 2017 and Cold Storage's Woof-Berry Run in 2024. Tiger clocks about 1km on weekdays, and about 7km to 9km on weekends, says Dr Liew. 'At his peak, he could run up to 21.4km,' he adds. 'At almost 13, Tiger is now in his senior years, so I moderate his runs and will never push him beyond his comfort level,' says Dr Liew. Adds the proud pawrent: 'He now runs at a slower pace, but he can still manage long distances as his endurance is good.' According to Dr Liew, Tiger's breed makes him instinctively competitive and he will try to catch up with human runners who pass him. 'He gets excited when he overtakes them. It is always fun to see people's reactions when Tiger outruns them.' Dr Liew is excited yet apprehensive about the IER as it will be the first time Tiger is joining a run that also involves cats. While Tiger is comfortable with crowds and enjoys running with other people around, Dr Liew will keep a close eye on cats that may cross their path. 'Tiger doesn't like cats too much. He has a childhood trauma from being scratched by a stray cat. It was his fault; he tried to disturb it when it was under the car,' says Dr Liew. He adds: 'Maybe I will make sure Tiger gets a head start (in the IER) so that he can avoid the cats altogether.' Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
07-05-2025
- Business
- Business Times
Income-Allianz deal timeline: A recap of the scuppered S$2.2 billion sale
[SINGAPORE] The proposed S$2.2 billion deal involving the sale of Singapore's Income Insurance to German insurer Allianz – which the government eventually called off – was a major talking point during the 2025 General Election campaigning. Here is a recap of what happened: Jul 17, 2024: Allianz offered to buy a majority stake in Income Insurance for around 1.5 billion euros, or S$2.2 billion. Allianz said it would offer S$40.58 per share for 51 per cent of the shares in Income Insurance. The German insurer projected that Income could return some S$1.85 billion in cash to its shareholders within the first three years after the transaction's completion. At the time, 72.8 per cent of Income was owned by National Trades Union Congress (NTUC) Enterprise Co-operative Limited, with the rest held by institutional and retail investors. Income had been a public non-listed company limited by shares since a 2022 corporatisation exercise that transformed the insurance business of NTUC Income Insurance Co-operative into Income Insurance. Jul 23-Aug 5, 2024: The deal raised questions over whether the proposed sale would be at odds with NTUC labour unions' aim to provide affordable insurance. On Jul 30, NTUC Enterprise said that Income's social enterprise model alone is not sufficient to shoulder growth in Singapore's competitive insurance environment. On Aug 5, NTUC's secretary-general Ng Chee Meng and president K Thanaletchimi released a joint statement explaining that Income needed adequate capital to remain financially stable. 'As a shareholder, NTUC Enterprise will continue to support Income. But it cannot do so alone,' they said. Aug 6, 2024: The issue was debated in Parliament, with Members of Parliament raising questions about the affordability and accessibility of insurance for the mass market. The Monetary Authority of Singapore (MAS) expected Income to fulfil its obligations to all policyholders under the terms of its existing insurance contracts and would hold Income and Allianz to these commitments, said Second Minister for Finance and MAS board member Chee Hong Tat in Parliament. Chee also said that MAS' regulations and guidance require insurers to maintain sufficient capital reserves and treat customers of participating policies fairly. After Aug 6, 2024: The Ministry of Culture, Community and Youth (MCCY) continued with due diligence and inquired further into the proposed deal. MAS provided the ministry with more details including Income's capital optimisation plan, as the regulator felt it could be relevant to the ministry's views on the deal. MCCY had not seen this information earlier. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Oct 14, 2024: The Allianz-Income deal was called off in Parliament, as the Singapore government assessed that it was 'not in the public interest' for the proposed transaction to proceed in its form. 'Our concern is only over the terms and structure of this specific transaction, particularly in the context of the preceding corporatisation exercise,' said Culture, Community and Youth Minister Edwin Tong in a statement. The government was still open to any new arrangement which Income may wish to pursue, whether with Allianz or other partners, as long as the concerns were fully addressed, he added. In a Facebook post, Prime Minister Lawrence Wong also said that the government's concerns were over the structure and terms of the offer, but that it remained open 'to a new deal that Income may pursue with Allianz or other partners, so long as our concerns are fully addressed'. Oct 16, 2024: Parliament passed an amendment to the Insurance Act, requiring MAS to consider MCCY's views when approving transactions involving insurers with cooperative roots. NTUC deputy secretary-general Desmond Tan revealed that NTUC's central committee was unaware of the capital extraction plan until Oct 14. Nov 14, 2024: Income and Allianz said in a bourse filing that discussions over the deal for a majority stake acquisition in the Singapore insurer were still ongoing, even after the government veto. Dec 16, 2024: Allianz officially withdrew its offer for a stake in Income, citing respect for the Singapore government's decision and emphasising its financial discipline. Both Income and NTUC Enterprise acknowledged the withdrawal and mentioned that they will explore other options to strengthen the insurer's financial resilience. Apr 26, 2025: Workers' Party (WP) chief Pritam Singh resurfaced the failed Income-Allianz deal at the party's second election rally, saying that no People's Action Party (PAP) labour MP had filed questions or spoke during the debate in Parliament when the issue was tabled. 'Elected PAP MPs who champion NTUC... should fight hard in Parliament when NTUC issues are raised, particularly issues that Singaporeans are concerned about,' Singh said. Apr 27, 2025: Labour chief Ng, who stood as a candidate for Jalan Kayu SMC, addressed at a PAP rally how the Allianz-Income deal was done in 'good faith' and complied with legal regulations. 'In NTUC, we will do our best, and sometimes I'm sorry that it's not good enough. But we will learn the right lessons and we will do better,' he said. Apr 27, 2025: Senior Minister Lee Hsien Loong said that he did not blame Ng or the labour party for the Income-Allianz deal that fell through. In a PAP rally speech, he flagged how the WP had abstained from voting on a Bill to amend a law that would allow the government to block the deal. Apr 28, 2025: Speaking to media, Singh said that SM Lee sidestepped the point he had raised about the absence of PAP labour MPs weighing in on the matter. While six PAP MPs and one WP MP had raised questions, the ratio of PAP MPs to WP MPs was about nine to one, he explained. Apr 28, 2025: At a WP rally, Harpreet Singh, who was a candidate in the party's Punggol GRC team, sought accountability from the PAP regarding Deputy Prime Minister Gan Kim Yong's involvement in the Income-Allianz deal. Apr 29, 2025: MAS chairman and DPM Gan clarified that the focus of the Income-Allianz deal was on the transfer of ownership and not capital extraction when MAS saw the proposal in July. He spoke on the sidelines of a walkabout in Punggol GRC and addressed the issue alongside the rest of the PAP slate for the constituency. PM Wong was also present.
