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CNA
8 hours ago
- Business
- CNA
Income Insurance chairman Ronald Ong to stand down
SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9). He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company. Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release. It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act. In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance. "Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders." Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years". "Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said. Mr Ong said that it had been an honour to serve on Income Insurance's board. "I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added. Income Insurance said that its board had begun a succession process to appoint a new chairperson. "Further details will be shared at the upcoming annual general meeting," it said. The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz. In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
Business Times
8 hours ago
- Business
- Business Times
Income Insurance chairman Ronald Ong to retire from role after seven years at helm
[SINGAPORE] Income Insurance chairman Ronald Ong will retire from his role after seven years at the helm, the company announced on Monday (Jun 9). The board has begun a succession process to appoint a new chairman and further details will be shared at the upcoming annual general meeting on Jun 24, the company said in a statement. Lim Boon Heng, chairman of Income's parent NTUC Enterprise, expressed his appreciation for Ong's leadership over the past seven years at Income. 'Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network, and strong commitment to create value for customers and shareholders,' Lim added. Ong has been serving on the board since 2018 and was appointed chairman in 2019. He led the corporatisation of NTUC Income Insurance Co-operative to Income Insurance in 2022. He had also led Income Insurance through the Covid-19 pandemic and has helped to enhance its digital capabilities. 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 It was previously reported that Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the proposed sale of Income to German insurer Allianz. At the time of his appointment as Income chairman, Ong had been working at Morgan Stanley for 20 years. In February 2023, he was appointed chairman of the bank's South-east Asia business. The 1.5 billion euro (S$2.2 billion) sale, announced a year ago, was cancelled months later in October 2024 when the government amended the Insurance Act to facilitate cancelling of the deal. In calling off the sale, it said it was 'not in the public interest' for the transaction to proceed in its current form. Culture, Community and Youth Minister Edwin Tong added that 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. The decision came after much public disquiet over the deal, which also became a major talking point during the 2025 General Election campaigning. NTUC secretary-general Ng Chee Meng, who stood as a candidate for Jalan Kayu SMC, said the 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. Ng won the Jalan Kayu seat by a slim 51.47 per cent of the vote.
AsiaOne
27-04-2025
- Business
- AsiaOne
GE2025: 'We will learn the right lessons and do better,' says NTUC chief Ng Chee Meng on Allianz-Income deal, Singapore News
Jalan Kayu SMC People's Action Party (PAP) candidate Ng Chee Meng has said that he will learn from the feedback from the Allianz-Income saga and do better. He addressed the matter during the party's rally at Fern Green Primary School on Sunday (April 27) evening. Ng said that in the course of his work in NTUC Enterprise, problems do occasionally rear their heads at them, such as the Income-Allianz deal. "The proposed deal was done in good faith and was in compliance with legal and MAS (Monetary Authority of Singapore) regulations," he recalled in his speech. "We thought in the labour movement that it was a reasonable deal." Ng explained that at the time, Income's market share in Singapore had dropped from 20 per cent to six per cent over 10 years, and there was a "real threat to the sustainability of Income, especially in moments of crisis". "The proposed deal could strengthen Income and, most importantly, protect the interests of Incomes policy holders," he said, adding that a stronger Income would enable NTUC to pursue social missions in wider spaces besides insurance. But as details of the proposed plan surfaced, Ng said, the "government saw it differently and stopped it by changing the law". "NTUC could not have known that the law would be changed," he added. Stating that he sincerely respected the government's view and accepted them blocking the deal, he also acknowledged the public feedback received. "I've initiated a review in NTUC Enterprise so that we can learn the right lessons humbly, do better for fellow Singaporeans," he said. "In NTUC, we will do our best, and sometimes I'm sorry that it is not good enough. But we will learn the right lessons, and we will do better," he affirmed. Former NTUC Income Insurance chief executive Tan Suee Chieh and Straits Trades executive director David Leong had each called for accountability from Ng for supporting the Income-Allianz deal in separate Facebook posts on Sunday. Ng, who is also the secretary-general of the National Trades Union Congress (NTUC), was accompanied by the PAP's Ang Mo Kio GRC candidates Senior Minister Lee Hsien Loong, incumbent MPs Darryl David and Nadia Ahmad Samdin, as well as new faces Jasmin Lau and Victor Lye. Sengkang GRC candidate Dr Lam Pin Min, NTUC vice-president Abdul Samad Abdul Wahab, Kebun Baru SMC candidate Henry Kwek and Yio Chu Kang SMC Yip Hon Weng were also present. Government originally supported deal: SM Lee SM Lee also spoke at the rally and addressed the aborted deal as a "serious matter". The labour movement felt it was a reasonable deal, and we supported it, he recalled, adding that the government looked at the deal and had determined that it met all legal requirements and MAS regulations. "But after the issue was discussed further and we went further into the matter, the government found out more things and decided, no, we have to change our mind," SM Lee said. "We have to say we oppose this deal. But we have to change legislation, change the law, so that we can block it." He then highlighted that this showed how the PAP is accountable to Singapore for doing the right thing, whereas the Workers' Party (WP) "had nothing to do with this". He elaborated: "When we went for the legislation, Workers' Party abstained. So if it had been left to the Workers' Party as government, then the deal would have gone through because they did not oppose it." At a WP rally in Tampines on Saturday, party chief Pritam Singh said that the "Workers' Party MPs promptly filed questions to call on the government" about the deal. "Not a single PAP labour MP asked a question about this issue in Parliament," he added. Earlier in his speech, SM Lee also commended Ng's character for having "the grit" and "the sense of responsibility" to stand by his post during the Covid-19 pandemic despite losing his seat in GE2020. "He proved himself, reliable, trustworthy, committed," SM Lee said. "Therefore, this election... I recommended to the PM, and the PM agreed and invited Ng Chee Meng to stand again." Allianz-Income deal German insurer Allianz had offered $2.2 billion in cash for at least 51 per cent of shares for Income Insurance in July last year. The government intervened in October, calling off the deal as it decided it would not be in the public interest. Two months later, Allianz pulled out of the deal. [[nid:717272]] khooyihang@
CNA
27-04-2025
- Business
- CNA
GE2025: NTUC will 'learn the right lessons and do better' following Income-Allianz saga, says labour chief Ng Chee Meng
SINGAPORE: The National Trades Union Congress (NTUC) will "learn the right lessons" from the aborted Income-Allianz deal, and while the labour movement always strives to do its best, sometimes it falls short, labour chief Ng Chee Meng said on Sunday (Apr 27). "We humbly acknowledge the public feedback. I've initiated a review in NTUC Enterprise so that we can learn the right lessons humbly and do better for fellow Singaporeans. "In NTUC, we will do our best. And sometimes, I'm sorry that it is not good enough. We'll do better," he said at a People's Action Party (PAP) rally in Jalan Kayu. Mr Ng, who faces Workers' Party (WP) new face Andre Low in the polls for Jalan Kayu SMC, said he had expected the opposition to "drag" up the Income-Allianz saga as he is standing in the General Election. Earlier on Sunday, Mr Low said there were still many unanswered questions on the issue, which he said reflects a broader concern about the way governance is handled in Singapore today. In a rally at Tampines GRC on Saturday, WP chief Pritam Singh said his party's MPs were prompt in filing questions to ask the government on the sale of NTUC Enterprise to Allianz, while "not a single" PAP labour MP asked questions about this issue and remained silent. Mr Ng said that the labour movement believed the proposed deal was a reasonable one that would strengthen Income, and that it was put forward "in good faith" and in compliance with the legal requirements set by the Monetary Authority of Singapore. Income's market share in Singapore had fallen from 20 per cent to 6 per cent in the past 10 years, and was a real threat to the insurer's sustainability, especially during times of crisis, he said. "The proposed deal could strengthen Income and, most importantly, protect the interests of Income's policyholders. A stronger Income would also enable NTUC to continue its social mission in the wider spaces besides insurance. That was our judgment," he said. However, as the details of the proposed Allianz plan surfaced, the government viewed it differently and stopped it by amending the law, Mr Ng added. "NTUC couldn't have known the law would be changed. But we sincerely respected the government's view and accept it," Mr Ng said. He added that as NTUC secretary-general, he believes he could do more for residents and workers if he were an MP, where national issues are debated and key decisions are made. "I told PM Lawrence Wong I was prepared to run again, if asked. I told him my preference was, if I were to get back into parliament, I would like to do it on my own merit," he said. "That is why, dear voters of Jalan Kayu, I stand before you seeking your vote to get back into parliament." Mr Ng was the second last speaker of the night, before Senior Minister Lee Hsien Loong took the podium. Other candidates present at the rally were Ang Mo Kio GRC candidates Darryl David, Nadia Samdin, Jasmin Lau, and Victor Lye, Sengkang GRC candidate Lam Pin Min, Kebun Baru SMC candidate Henry Kwek, as well as Yio Chu Kang SMC candidate Yip Hon Weng. THE INCOME-ALLIANZ SAGA Mr Ng's rally speech on Sunday night came after former NTUC Income CEO Tan Suee Chieh called on the Jalan Kayu candidate to take accountability for his role in the Income-Allianz deal, given that he is standing in the General Election. The deal was dropped after it triggered a public outcry last year, and Mr Tan was one of the most vocal critics of the deal from the start. In a letter addressed to Jalan Kayu voters that he posted on his Facebook and LinkedIn pages on Sunday, Mr Tan noted that Mr Ng has largely remained silent about the deal after endorsing it on one occasion. "As Secretary-General of NTUC and a member of the NTUC Enterprise Board that approved the deal, Mr Ng bears leadership responsibility for what transpired," wrote Mr Tan. "Now that he seeks the trust and mandate of Jalan Kayu residents, it is fair - and necessary - for citizens to ask him to account for his role and decisions." In his letter, Mr Tan noted that Mr Ng had publicly endorsed the proposed sale on Aug 5, 2024. The sale, announced on Jul 17, 2024, would have resulted in German insurer Allianz acquiring a 51 per cent stake in Income for about S$2.2 billion (US$1.6 billion). However, it triggered a public outcry over whether Income would be able to continue its social mission. Mr Tan went on to note in his letter that between Aug 6 and Oct 14 last year - when the deal was blocked in parliament - Mr Ng "did not offer any clarification, even as public concerns mounted". Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming Group CEO of NTUC Enterprise from 2013 to 2017. He had also led Prudential Singapore from 1994 to 1999. Allianz eventually withdrew its offer to acquire Income Insurance on Dec 16, 2024, after the Singapore government intervened to block the transaction. "BLANK CHEQUE" Mr Ng's speech was briefly interrupted when a woman in the audience fainted. He paused his speech and signalled for paramedics to attend to her. She later recovered and walked off. Continuing with his speech, Mr Ng also took aim at WP's Mr Singh over his comments about labour MPs on Saturday. Mr Singh previously stated that there was no shortage of labour MPs in parliament, and that "voting in these two PAP NTUC candidates will not make a difference", referring to Mr Ng and NTUC assistant secretary-general Desmond Choo, who is contesting Tampines-Changkat SMC. To this, Mr Ng said: "WP won 10 seats in 2020. We only had seven labour MPs. That's less than what the WP has." "So friends, here I am standing before you, telling you my story, trying to build and unite. What the WP is doing is to criticise and tear down without any concrete plans or proposals to substitute." Rebutting Mr Singh's claims in the rally that the PAP wants Singaporeans to sign "a blank cheque", Mr Ng said: "Sylvia Lim said that WP does not have a plan for constituencies where they are not incumbents." "Can you believe that? What it means to you in bright neon headlights is that the Workers' Party has no plans for you. They want your vote, but they have no plans to build Jalan Kayu into a home that you want or desire," he said.
