Lim Boon Heng takes 'ultimate responsibility' on failed Allianz-Income union

He and NTUC Enterprise board admit that the offer could have been managed better

- Angela Tan Senior Business Correspondent

Former Cabinet minister Lim Boon Heng said on Oct 30 that he takes “ultimate responsibility” for the withdrawal of German insurer Allianz’s proposed offer to buy Income Insurance.

Speaking on Oct 30 at an extraordinary general meeting (EGM) held by NTUC Enterprise, the parent of Income, Mr Lim expressed regret that the strategic partnership did not succeed despite having dedicated significant time and thought to securing Income’s future.

“Unfortunately, Allianz’s proposed offer for Income was withdrawn and I take ultimate responsibility,” Mr Lim said.

During the EGM, the 77-year-old also announced his retirement as chairman of NTUC Enterprise. He will be replaced by former Resorts World Sentosa chief executive Tan Hee Teck, who was elected to the NTUC Enterprise board as its new chairman starting from Oct 31.

Mr Lim and the NTUC Enterprise board acknowledged that Allianz’s offer for Income could have been managed better.

In particular, NTUC Enterprise could have been clearer and more explicit with stakeholders that there were opportunities to improve capital resilience, efficiency and optimisation with Allianz’s proposed offer for Income.

NTUC Enterprise could also have done better by being more proactive in public communications, Mr Lim said.

Moving forward, NTUC Enterprise will take on board these observations to improve its processes, he said.

In his address at the EGM, Mr Lim stressed that NTUC Enterprise had always acted in good faith in relation to the corporatisation of Income and Allianz’s proposed offer for Income, as affirmed by an independent legal review.