Straits Times journalist lauded for scoop on Income-Allianz deal

Another journalist from ST also wins award for investor education efforts

- Sue-Ann Tan

Two journalists from The Straits Times were recognised for their investor education efforts and financial reporting at the Securities Investors Association (Singapore) (Sias) Investors' Choice Awards 2024 ceremony on Sept 17.

Senior correspondent Joyce Lim, 49, won an award for breaking the story of the year on home-grown insurer Income Insurance holding talks with German insurer Allianz to enter into a partnership.

The offer by Allianz to acquire a majority stake in Income sparked concerns that Income's social obligations would be diluted.

In response, NTUC Enterprise assured the public in July that it will continue to back Income Insurance and keep it on track to serve its social objectives, even after the sale of the majority stake to Allianz.

Ms Lim said that there had been rumours about Income selling its stake even as far back as 2023, but it remained mere market speculation until an official application for the partnership was filed with the Monetary Authority of Singapore.

"Merger and acquisition deals are often closely guarded, with only a few senior management insiders aware of the details, making the story particularly challenging to break," she said. "I'm grateful to my trusted sources, who provided invaluable insights, helping to piece together the facts and bring this story to light."

She added that the recognition also underscores the critical role journalism plays in fostering transparency and encouraging open dialogue on significant national issues.