Singapore’s NTUC Chair Retires With Regret Over Allianz Debacle

Singapore former minister Lim Boon Heng is retiring from his role as chairman of NTUC Enterprise Co-operative Ltd., and said he takes “ultimate responsibility” for an aborted deal for the firm’s insurance unit.

Singapore in October 2024 blocked the proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in NTUC Enterprise’s Income Insurance. Critics had complained the sale could lead to higher insurance premiums and betray Income’s mission to help middle- to low-income Singapore workers.

“It is with some regret that what I have invested much time and thought in securing Income’s future through a ...