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In July 2024, the NTUC Enterprise co-operative gave an irrevocable undertaking to sell a majority 51% stake of Income Insurance Ltd to German insurer Allianz. [13]NTUC Enterprise Chairman Lim Boon Heng stated that "is a capital-intensive business and to grow, there is a need to tap the capital markets" and that the sale was necessary because the "strength of Allianz’s financial position will ...
Tan ran NTUC Income with the aim of providing the best value to the policyholders. This meant lower fees for insurance agents, encouragement of direct selling practices which bypassed the agents altogether, [6] and low operating expenses—throughout his 30-year term as CEO, Tan flew in economy class, even on long haul flights. This management ...
The National Trades Union Congress (NTUC), also known as the Singapore National Trades Union Congress (SNTUC) internationally, is the sole national trade union centre in Singapore. NTUC leads the labour movement of Singapore , comprising 59 affiliated trade unions, 5 affiliated trade associations, 6 social enterprises, 6 related organisations ...
He was appointed, as the Group Chief Executive at NTUC Enterprise on 1 October 2013. [1] Previously Tan was Chief Executive of NTUC Income Insurance Co-operative Limited in Singapore from February 2007 to September 2013. He has served as a member of the organization's Board of Directors since 2003. [2]
The NTUC Co-operative Commonwealth for Transport Limited ("COMFORT" or "NTUC Comfort") was hence formed by the NTUC as a social enterprise together with the affiliated NTUC Income and NTUC Welcome. [5] Comfort started operations in 1971 started with a fleet of 1,000 taxis, with the first taxis entering service at the end of January that year ...
In January 2011, NTUC Income acquired a 49 percent stake in Savu Investments, the holding company which owns the asset, from Goldman Sachs. In January 2013, NTUC Income bought over Goldman Sach's remaining 51% stake in Savu Investments , the acquisition valuing the property at around $660 million, or less than $2,400 per square foot, on a net ...
NTUC Income Insurance Co-Operative Pte Ltd: No. of stores and services: 156: No. of anchor tenants: 3 NTUC FairPrice Daiso My First Skool: Total retail floor area: 214,161 sq ft (19,896.2 m 2) No. of floors: 8 (2 basements + 6 retail levels) Parking: 200: Public transit access EW3 Simei: Website: Eastpoint Mall
Despite losing the appeal insurer NTUC Income decided to raise their goodwill offer towards Lock to S$40,000, an S$15,000 increase from the pre-appeal offer. The company in their press release admitted to lapses in their internal processes, and regretted the process the Lock family had had to go through. [5]