REACH (Telegram) 32 -  What are your views on the Government blocking the Income-Allianz deal? How can future mergers in the insurance industry be managed to balance competition with public interest?

(SK)

15 Oct 2024 (10am - 7pm)

REACH (Telegram)

REACH Singapore, [15/10/2024 9:53 AM]

Dear contributors,

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REACH Singapore, [15/10/2024 9:53 AM]

REACH Singapore, [15/10/2024 10:23 AM]

📢 Topic 📢

On October 14, Mr Edwin Tong, Minister for Culture, Community, and Youth and Second Minister for Law announced in Parliament that the Government had decided to call off the much-debated deal between German insurer Allianz and Income Insurance. Under the proposed deal, which was announced on Jul 17, Allianz would have acquired a majority stake in Income. "The government has assessed the proposed transaction and concluded that it would not be in the public interest for the deal, in its current form, to proceed,” Mr Tong stated.

💬 What are your views on the Government blocking the Income-Allianz deal? How can future mergers in the insurance industry be managed to balance competition with public interest?

📌 Concerns Over Deal Structure

Mr Tong said the Government does not have concerns over Allianz’s standing or suitability to acquire a majority stake in Income. The concerns lie in the terms and structure of this specific transaction, particularly in the context of Income’s corporatisation exercise. 

“We find it difficult to reconcile the proposed substantial capital reduction, soon after the transaction is completed, with Income’s representations to MCCY during the corporatisation exercise that it was aiming to build up capital resources and enhance its financial strength,” said Mr Tong. 

While the Government will not allow the proposed transaction to proceed, it said it is open to new arrangements if the concerns highlighted are fully addressed.

📌 Revisions to the Insurance Act

The Government plans to amend the Insurance Act to establish a "clear statutory basis" for MCCY’s input to be considered in applications involving insurers that are either co-operatives or affiliated with a co-op, Mr Tong stated.

Currently, the Monetary Authority of Singapore (MAS) is not required to take MCCY’s views into account in such matters, he added.

Mr Tong emphasized that insurance co-operatives are a “special category" of insurers with a social mission, making it important for the views of the minister responsible for co-ops to be taken into consideration.

📌 Future Steps

In statements released late Monday, both Income and Allianz affirmed their commitment to working with relevant stakeholders to determine their next steps.

Allianz told CNA that it would consider making revisions to the proposed transaction structure and will assess the situation in collaboration with Income and NTUC Enterprise. The company added that it respects the Government's position.

Income similarly expressed its respect for the decision and appreciated the Government's recognition of the "strategic purpose" behind its corporatisation in 2022, as well as its plans to partner with Allianz to strengthen its long-term position.

"Income Insurance acknowledges the Government’s concerns about the transaction's terms and technical structure and understands the need to amend the Insurance Act to establish a clear statutory basis for reviewing and approving such applications," the company said.

👉 https://str.sg/7jKu

👉 https://www.channelnewsasia.com/singapore/ntuc-income-allianz-deal-singapore-government-edwin-tong-4675491

👉 https://www.channelnewsasia.com/watch/ministerial-statement-edwin-tong-blocking-income-allianz-deal-4676696

----

REACH Singapore, [15/10/2024 10:49 AM]

REACH Singapore, [15/10/2024 10:50 AM]

Dear Contributors,

We want to HEAR MORE from you!

💬 What are your views on the Government blocking the Income-Allianz deal? How can future mergers in the insurance industry be managed to balance competition with public interest?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Thank you.

Megan 😊

REACH Singapore, [15/10/2024 11:01 AM]

[ Poll : Do you agree with the Government's decision to block the Income-Allianz deal due to concerns over Income's social mission and the deal’s structure? ]

- Yes, I fully agree with the decision.

- Yes, but I believe the deal could be restructured to address the concerns.

- No, I think the deal should have been allowed to proceed.(Please share your views in the chat below)

LCL (Danny 心), [15/10/2024 11:04 AM]

311. I post in REACH (Telegram) LCL (Danny 心), [14/10/2024 2:24 PM]:-

Income must be sustainable.

Unless government guarantee its viability.

Hmm..

As long as government guarantee, then I ok.

But that means taxpayers money will got to be used to prop it up when Income come under financial stress to safeguard the customers interest that have bought the insurance products.

LCL (Danny 心), [14/10/2024 5:49 PM]

Now there is a need for Parliament to explain the financial viability of Income since the deal has fall through.

Is Income able to honour all the financial commitment of all the insurance products sold to customers?

Some insurance products are very long haul - stretch up to 30 years.

Some even end of life.

In the event if Income come under financial stress, what remedies does Income have?

Will the government commit funds to support Income financial commitment?

Understand that Income will continue to search for partners to get a better deal.

But meanwhile, customers of Income need to be assured their products invested are protected.

LCL (Danny 心), [14/10/2024 5:53 PM]

In fact this is a more serious scenario compare to the partner alliance hoo-ha that are stem on emotions.

----

CNA news 14 Oct 2024 14 Oct 2024 01:32PM (Updated: 14 Oct 2024 05:09PM)

Singapore blocks Income-Allianz deal but leaves door open if concerns over public interest are fully addressed.

CNA news 14 Oct 2024 05:27PM (Updated: 14 Oct 2024 06:40PM)

Income Insurance has enough capital to meet its liabilities and existing policyholders need not be concerned, despite a proposed deal with German insurer Allianz being blocked, Monetary Authority of Singapore (MAS) deputy chairman Chee Hong Tat said in parliament on Monday (Oct 14).

Mr Chee, who is also transport minister and second minister for finance, reassured Income policyholders, after Culture, Community and Youth Minister Edwin Tong announced that the government had intervened to block the deal.

“Income has sufficient resources to meet the necessary capital adequacy ratio, which means it has enough capital to meet its liabilities and also to pay out to policyholders.”

LCL (Danny 心), [15/10/2024 11:09 AM]

Source:- Google 

ST: Income Insurance is profitable, but pressures on the business have been observed for some time now. 30 Jul 2024

LCL (Danny 心), [15/10/2024 11:24 AM]

1. Hence I believe the Government has not let go of the idea of Income seeking partners as Income business come under pressure to grow in a competitive insurance market against the big Giants.

2. The Government just want Income to have a better deal and protect Income cooperative social missions as its 初衷。

3. Agree the new information emerge that Income merger deal has put us in a disadvantage - and we shouldn't go through with the deal.

4. An amended Act by Parliament to safeguard our interest is warranted - so that future deals will uphold our interest.

5. My only concern is that Income must have sufficient financial firepower to honour all our financial products we have bought from Income.

6. The Government assurance that Income has sufficient adequate capital ratio to fulfill its commitment is reassuring - after investors has pump in few hundred millions of dollars in shares to finance Income.

7. But Income business needs to be able to sustain long term as many financial products are long haul that stretch up to 30 years and some end of lives - for life insurance.

8. We need assurance that in the event of financial distress somewhere down the long road, Government is able to find strong partners to merge with Income to ensure its business viability.

9. Else Government assurance to step in to help with taxpayers money will ensure Income cooperative social missions can be fulfilled without Income customers suffering financial loss from the purchase of Income insurance products.

G, [15/10/2024 12:17 PM]

Hiding critical information (capital extraction) when they were initially trying to push the deal through. 

How is this honest?

xXx.SCAR.xXx, [15/10/2024 12:31 PM]

Definitely doesn't foster / build trust

LCL (Danny 心), [15/10/2024 12:44 PM]

Allianz to consider revising proposed Income deal; respects Singapore government's position.

https://www.channelnewsasia.com/singapore/allianz-income-deal-consider-revisions-singapore-government-ntuc-enterprise-4678631

LCL (Danny 心), [15/10/2024 12:47 PM]

Good that the Government move has spur Income and Allianz to reconsider the Government position and the coming Amended Act.

Hope we have a better deal.

CTO, [15/10/2024 12:57 PM]

Since the private sector’s proposal doesn’t not fit the authorities’ concerns, why doesn’t our country financial strongholds like Temasek Holding or GIC - take over financial support for Ntuc Income(buy over the shares) - so that social aspects of citizens(+ policies holders) - can be very well taken care of n Ntuc Income shareholders r happy!!!

Can such initiatives be implemented???

LCL (Danny 心), [15/10/2024 1:01 PM]

Temasek and GIC run sovereign funds as investors.

They don't run insurance companies.

There are no value add to the sovereign funds.

We need a partner that help to grow Income insurance business.

Cannot rely on our sovereign funds to burn money to sustain a business that have problem growing.

Else our CPF interest will keep going down and our sovereign reserves will be depleted.

Adam, [15/10/2024 1:01 PM]

Didnt you support the initial merging decision?

LCL (Danny 心), [15/10/2024 1:02 PM]

Minus the new information.

LCL (Danny 心), [15/10/2024 1:02 PM]

With new information, the current Act amendment is needed to protect our capital.

Adam, [15/10/2024 1:03 PM]

Yeah, its good the gov can make changes on new info

LCL (Danny 心), [15/10/2024 1:03 PM]

If Allianz and Income take into account the government position, the deal could be acceptable to us.

LCL (Danny 心), [15/10/2024 1:05 PM]

As Income need a strong global insurance partner.

Allianz is one of the largest world insurance company.

And their reach will definitely benefit Income desire for global reach as well as growing Income insurance business and financial viability in the long haul.

CTO, [15/10/2024 1:06 PM]

Temasek Holding n GIC should starts to look inwards(if they had not done so.)

After all, they r the funds powerhouse of Sg. 

If they don’t help Sg(local companies), who will???

LCL (Danny 心), [15/10/2024 1:07 PM]

Temasek and GIC must make profit.

Not dump money to support unviable business.

Else all our reserves gone.

LCL (Danny 心), [15/10/2024 1:08 PM]

Unless local business is a strategic companies that cannot demise, but in long term local strategic companies must find ways to be profitable.

Else it is a black hole draining all our reserves savings away.

LCL (Danny 心), [15/10/2024 1:10 PM]

And GIC reserves include investing our CPF retirement money.

CTO, [15/10/2024 1:12 PM]

If Ntuc Income is considered(to be dumping money), then because of social impact to citizens, the GOV must support with fundings. 

Whether they r doing it, thru TH, GIC or other establishments, yet to be seen………

When they block the sales, there must be an alternative solutions to sustain Ntuc Income right???

LCL (Danny 心), [15/10/2024 1:15 PM]

That's why the Government didn't let go of the idea of future partnership if the partnership look into the Government position of Capital protection.

Now both Allianz and Income say that are reviewing the merger structure and Allianz is willing to revise their offer.

Then we will wait and see.

The government position help us to get a better deal.

CTO, [15/10/2024 1:15 PM]

Hopefully……….

CTO, [15/10/2024 1:16 PM]

Only if it resulted in 10x shares appreciation instead of 4x………….

LCL (Danny 心), [15/10/2024 1:17 PM]

Propping up a business that have difficulty in growing whether through taxpayers money or sovereign funds - are not sustainable.

My comments above is to make readers think carefully - whether we want to pay more taxes or use our reserves savings to finance a business that have difficulty growing or not.

CTO, [15/10/2024 1:18 PM]

If Ntuc Income is not viable, nobody will offer 4x de.

LCL (Danny 心), [15/10/2024 1:20 PM]

Insurance market is too competitive and too saturated in Singapore market.

Our market is too small and Income must go for global market to grow its business.

If Income can only corner 10% of Singapore small market and unable to break into global market - what make us think Income insurance will be viable in the long run?

CTO, [15/10/2024 1:27 PM]

Is it for our strong Sg funhouses to help/initiate ways to help local businesses like Ntuc Income to globalise. 

Maybe Spring Singapore should step in…………

LCL (Danny 心), [15/10/2024 1:27 PM]

Unlike our other strategic local companies that have strategic products and services.

Eg. SIA have strategic air right reach to many countries in the world.

ST engineering has strategic products that are wanted by global market.

DBS has corner substantial savings after merger with POSB and has strong regional reach.

OCBC and UOB have regional reach in banking sector. UOB also successfully acquire Citibank retail banking in China and HK.

Keppel Corp and Sembcorp had special global eco city building capabilities, oil drilling,  ship MRO, etc.

Singtel acquisition of NCS has knowledge in development of governing system.

Comfort Delgro win management of MRT projects and bus transport project overseas.

PSA corp win port management overseas.

SATs win airport management overseas.

Raffles medical group had open up hospitals and clinics in China and some overseas market.

Osim has successful venture in luxury overseas market.

Etc etc.

CTO, [15/10/2024 1:28 PM]

If Alliances can go international, Ntuc Income should be able to do likewise. 

It just takes leadership…………..

LCL (Danny 心), [15/10/2024 1:29 PM]

Income insurance is about strong financial base, insurance needs, technology exploitation to sell products and know how.

Big global insurance companies will have such cap and such know how.

Allianz is a good partner.

Eg. Look at our other local insurance companies, we are still very local - difficult to penetrate overseas insurance market.

CTO, [15/10/2024 1:30 PM]

Sg also hv many capable leaders, just who to tap only……….

LCL (Danny 心), [15/10/2024 1:31 PM]

Income has use tech apps to sell to ASEAN countries by collaborating with ASEAN local banks and financial institutions.

But not selling well, because their local banks push their local insurance products than Income products.

CTO, [15/10/2024 1:32 PM]

Can never run into fine details as capable CEOs r paid to do the jobs. 

Just - must dare to hv the directions n act!!!

LCL (Danny 心), [15/10/2024 1:33 PM]

If Singapore is as big as China market, no sweat.

Close one eyes, Income can become billion dollars company within 1 month.

1.4 billion people just throw $1 dollar - Income can do very well $1.4 billions in one month.

Singapore 6 million population, each one $1 only $6 million.

LCL (Danny 心), [15/10/2024 1:36 PM]

Insurance business is never a strategic companies.

Any company with strong $ - can press their competitors.

Allianz is trillion dollars company.

Income, only low single digit billion dollars.

How to offer competitive products in global insurance market?

LCL (Danny 心), [15/10/2024 1:39 PM]

NTUC Income Makes First Foray Overseas, Offers Insurance-as-a-Service in Southeast Asia | Income Insurance

https://www.income.com.sg/about-us/corporate-information/press-releases/ntuc-income-makes-first-foray-overseas,-offers-ins

LCL (Danny 心), [15/10/2024 1:39 PM]

Take up rate quite low.

G, [15/10/2024 2:01 PM]

So taking into account MAS's position is not enough to count as government position?

G, [15/10/2024 2:03 PM]

Wasn't there supposed to be capital extraction after the allianz income deal? 

Means income had sufficient assets

G, [15/10/2024 2:05 PM]

Means the leaders not capable enough to break into foreign markets lor. 

Why allianz and other foreign companies manage to break into sg market?

Why can't sg companies break into foreign markets?

G, [15/10/2024 2:08 PM]

NTUC is a PAP instrument anyway. That's their history

There's a lot of talk about tripartism between govt, employer, and union

We've yet to see evidence that NTUC will support the govt regardless of which political party is in power

CTO, [15/10/2024 2:13 PM]

That is exactly what I am asking all along….?

If Allianz n foreign insurance companies can break into Sg, why Sg insurance companies cannot break into foreign markets?

We r definitely not short of capable leaders right???

G, [15/10/2024 2:13 PM]

Seriously.. Just see how many "entrepreneurial" Singaporeans there are. Mostly open cafe nia. 

Else be some franchisee of big brands, open shop in SG. 

How many dare to venture overseas?

G, [15/10/2024 2:13 PM]

Compare that with how many foreigners, come here to sg to start business

CTO, [15/10/2024 2:16 PM]

Sg must hv entrepreneurship meh……….otherwise, do something fast n quick to encourage entrepreneurs in Sg hor…….

Otherwise, we can foresee to be left behind liao…………

G, [15/10/2024 2:16 PM]

Actually more young Singaporeans should venture overseas to work, start and grow families

Conditions in sg becoming less and less conducive to both work, and start and grow families. 

Cost of living is so high and increasing faster than salaries are increasing

Jun Ming, [15/10/2024 2:16 PM]

Is it the policy here or overseas policy not in favour to Singaporean to venture out? Or the culture here is discouraging

G, [15/10/2024 2:17 PM]

Singaporeans too spoilt and comfortable?

Jun Ming, [15/10/2024 2:17 PM]

Or rich Singaporean with the capital are actually outsiders

G, [15/10/2024 2:18 PM]

Perhaps?

Jun Ming, [15/10/2024 2:20 PM]

Or maybe Singapore products is expensive in nature so there is no way to compete with the cheap manufacturer abroad

LCL (Danny 心), [15/10/2024 2:25 PM]

Source :- Google 

Singapore derives most of its revenues from foreign trade. The biggest export product, with 43 percent share, is machinery and equipment. The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent).

LCL (Danny 心), [15/10/2024 2:25 PM]

Singapore trade is 3 times the size of our GDP.

About $1.5 trillion.

LCL (Danny 心), [15/10/2024 2:27 PM]

In fact the last mile of my careers are doing projects all over the world.

From US, to EU, to Middle East, Africa, Central Asia, China, ASEAN and Asia Pacific.

This is the reach Singapore companies have - because we have strategic products and know how.

LCL (Danny 心), [15/10/2024 2:28 PM]

Even DBS, OCBC and UOB also have regional reach - mainly to China, HK, ASEAN, India.

G, [15/10/2024 2:28 PM]

Should also look inwards:

Supposed you are a parent. You have invested heavily in your children's education, they have responded very well and obtained good honours bachelors' degrees from reputable universities. Heck some of them even got their masters or PhDs. 

Would you allow your children to venture overseas for job opportunities / develop promising business opportunities, possibly to start their homes and bring up their children away from SG? Away from you?

Perhaps it's the Singaporean parent who's holding Singapore back

LCL (Danny 心), [15/10/2024 2:30 PM]

Incidentally all my relatives and close friends children work overseas for a long periods.

Eg. In Japan, HK, China, Sweden, Germany, US etc...

LCL (Danny 心), [15/10/2024 2:30 PM]

Come back, very good pay and promotion.

LCL (Danny 心), [15/10/2024 2:32 PM]

In fact, nowadays, many universities student exchange and internship are with overseas companies and foreign universities.

LCL (Danny 心), [15/10/2024 2:35 PM]

And in one competitive tender overseas bid in which I was involved, our company beat 1 US consortium, 1 EU consortium, 1 local consortium to clinch the deal.

LCL (Danny 心), [15/10/2024 2:39 PM]

But there is one problem, those stay too long overseas for work and come back - difficult to find a spouse or relationship break.

That's why impact the TFR.

Very likely to marry late.

REACH Singapore, [15/10/2024 2:41 PM]

https://www.channelnewsasia.com/singapore/mrt-east-west-line-disruption-smrt-lta-chee-hong-tat-4678996

G, [15/10/2024 2:42 PM]

Would you as a parent be ok if your child marries a foreigner who is of different race?

Would you be willing to migrate overseas to be with your children (and future grandchildren), thereby "abandoning" your aging parent?

Is it so difficult a decision, given our ancestors did the same when they left China / India / wherever all those years ago?

To me, not so much about policy, but more of willingness to go out of comfort zone

G, [15/10/2024 2:42 PM]

Better not come at the expense of higher transport fees 😡

If the transport companies need to fund the fees, then just deduct the upper management's salaries

Jun Ming, [15/10/2024 2:48 PM]

I think it's the currency and culture. Singapore currency is kind of strong. You need to work more abroad compared to working in sg.

G, [15/10/2024 2:49 PM]

It can all be worked around. Just need to put in effort to find or work for the appropriate opportunity. 

Foreigners who end up in SG do that all the time, and so making that decision to leave what they are familiar and comfortable with

Jun Ming, [15/10/2024 2:50 PM]

This is why Malaysian come to Sg to work rather than sg people going to Malaysia to work and create business. The purchasing power is totally different

G, [15/10/2024 2:51 PM]

This one is easier decision because of financials and close physical proximity and relative cultural similarity. 

But what about foreigners from further away?

G, [15/10/2024 2:55 PM]

Suppose I'm a nurse in SG, working in govt hospital, overworked. Long hours. Every time hear people complain. 

I go UK / Australia work as nurse in their govt hospitals. Better working conditions. So what if tax there is high? Basic pay also high. Can do the sums, tiagong from friends who made that leap, take home pay is higher than SG. 

And whatever the take home pay is there is better spending power too

G, [15/10/2024 3:06 PM]

Where's the option for 

"Yes, I agree with the decision to block the deal, and don't want any more deals of similar nature (selling national assets to foreign entities)?"

G, [15/10/2024 3:14 PM]

Ridiculous

"Public transport service levels and disruptions should be separate from fare reviews: Chee Hong Tat"

https://www.channelnewsasia.com/singapore/east-west-line-train-disruption-chee-hong-tat-4678956

If don't punish where it hurts (profits and pockets of senior management) then where's the incentive for better service? 

If like that, has SG lost some sovereignty over our public transport system and become beholden to private companies, because the govt is scared to lose their service?

Truly truly.. Gone are the days of LKY where things "just work" because they have to. And LKY has the gumption and will to take those responsible to task, to ensure things continue to work in SG

REACH Singapore, [15/10/2024 4:05 PM]

📢 Topic 📢

REACH Singapore, [15/10/2024 4:08 PM]

https://www.straitstimes.com/singapore/politics/500000-out-of-28-million-mrt-journeys-affected-daily-during-east-west-line-disruption

LCL (Danny 心), [15/10/2024 4:27 PM]

LCL (Danny 心), [14/10/2024 3:23 PM]

*School Bullying*

1. School bullying has happen since early times - even happen during our times.

2. With the advent of social media and the proliferation of smartphones with video camera - school bullying in its raw form surface in the social media when recorded and uploaded.

3. Physical form of bullying, beating and physical abuses frequently happens in primary, secondary, ITE and sometimes polytechnics.

Psychological and mental bullying also occurs.

With more youth of social media, bullying extend into the cyberspace.

4. Such bullying physical and mental - will take a tremendous toll on the victims and parents putting their children into schools expect their children to be in safe spaces - and not let their children suffers physically and mentally.

5. Hence, MOE, schools and even police - must devote resources to prevent bullying, have specific procedures to report, monitor, handle, punish and rehabilitate offenders and victims.

Else the damage to victims cannot be under estimated whether mentally as well as physical injuries.

6. I realise lately, schools are adopting a soft and pacifiying approach to offenders in bullying and often punishment are not made known to public.

Though soft approach and education have beneficial effects in helping victimes cope and recuperate from the bullying as well as make bullies realise their mistakes, repent and rehabilitate in some cases --- but hardcore bullies, gangsters and abused famillies will not have effects on some harden bullies.

Hence carrot and stick approach may be required for physical bullies - to instill fear, deterrence and make public the approach taken to deal with bullies.

7. For physical bullying that result in physical assault, beating and torture - punishment must be made known to public - that such physical abuse will not be tolerated and punish severely - so that future bullies will think thrice not to commit such acts.

Eg. 

a. Caning in front of assemblies by disciplinary master

b. Police frequent talks and presentation of how bullies and criminals are cane in prison

c. And how bullies are monitored, counsel and rehabilitated must be made known - to make future bullies be aware that bully will have its consequences.

8. Counsellors, physiologists must also be rope in to ensure victims are not mentally and physically harm from the bullies and help victims to recuperate.

9. Parents of both offenders and victims - must be rope in to walk the rehabilitation journey for both offenders and victims.

10. As physical bullies, mental bullies (in verbal and social means) as well as social media bullies are different - various approach to handle them need to be devised.

----

CNA news 14 Oct 2024 02:11PM (Updated: 14 Oct 2024 08:51PM)

Caning is used as a last resort for boys and carried out in an appropriate manner only by authorised adults, he added. 

For severe bullying or fights, a police report will be made and perpetrators will face legal consequences in accordance with the law.

Parents' support and partnership are also required as they are vital in shaping children's character, he added. 

The perpetrators often also need help to turn over a new leaf. 

"We want to steer clear of actions that might hinder or deny a perpetrator's chance for rehabilitation.

LCL (Danny 心), [15/10/2024 4:31 PM]

"Singapore society must be careful not to normalise bullying behaviours unintentionally: Chan Chun Sing.

Circulating viral videos or attempting to dox the perpetrators could drive them to extremes, making it harder for them to mend their ways, says the Education Minister."

 https://www.channelnewsasia.com/singapore/school-bullying-viral-social-media-moe-parliament-qihua-bukit-view-4676436#:~:text=Singapore%20society%20must,the%20Education%20Minister.

Jun Ming, [15/10/2024 4:39 PM]

I rather have a better punishment than refer to the police. It will destroy the children future.

Yes they also need help to turn over a new leaf. So do give bullies a chance at the same time educate them either cane or the appropriate method. For example challenge the kids not to do such things by competing push up with them

LCL (Danny 心), [15/10/2024 4:40 PM]

Which is translated into getting taxpayers to pay higher GST, higher property tax, higher income tax, higher corporate tax, etc to fund the expenses of insurance business that are not growing.

Or putting retirement savings our CPF on the line to finance not viable company.

Like a black hole year after year.

Until reserves savings depleted.

REACH Singapore, [15/10/2024 6:05 PM]

📢 Topic 📢

REACH Singapore, [15/10/2024 6:59 PM]

Dear Contributors

We will be closing the chat for today.

Thank you very much for being part of our Telegram chat and participating actively.

Goodnight!

Megan 😊

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