Earnings Insurance coverage is contemplating new methods to supply liquidity for shareholders after the collapse of a proposed majority stake sale to German insurer Allianz, The Enterprise Instances reported.
At its annual common assembly on June 24, outgoing chairman Ronald Ong mentioned the board is retaining all potentialities open, together with a possible share buyback programme.
The transfer follows the Singapore authorities’s resolution in October 2024 to dam the Allianz deal, after the Ministry of Tradition, Group and Youth (MCCY) raised considerations that the transaction may have an effect on the insurer’s means to satisfy its social aims.
Ong famous that the S$2.2 billion proposal would have given minority shareholders a long-awaited means to exit their positions.
Below the plan, they’d have had precedence to tender their shares at S$40.58 every earlier than NTUC Enterprise, which holds 72.8 % of Earnings, stepped in to assist Allianz attain a 51 % stake.
Minority shareholders presently maintain 27.2 % of the corporate.
The Allianz supply was shelved after MCCY flagged the absence of binding provisions to make sure the insurer’s social mission could be upheld, regardless that NTUC Enterprise had dedicated in good religion to protect it.
Ong mentioned the board will take these considerations into consideration in any future proposals.
Following his deliberate retirement, the board has proposed that lead unbiased director Pleasure Tan be appointed as chair, pending her re-election and regulatory approval.
Ong will transition to give attention to managing NTUC Enterprise’s personal funding portfolio.
He has served as chair since December 2018 and is presently chairman of Morgan Stanley’s Southeast Asia operations.
In a separate speech, chief govt Andrew Yeo clarified that Ong recused himself from the choice to nominate Morgan Stanley as monetary adviser for the Allianz deal, although he remained concerned in board discussions.
For the monetary 12 months ended 31 December 2024, Earnings posted a web revenue of S$44.8 million.
Complete belongings rose 2.5 % to S$43.4 billion, with web asset worth per share at S$31.97.
The board proposed a particular dividend of S$0.208 per share, bringing the whole payout for the 12 months to S$0.416.
Featured picture: Edited by Fintech Information Singapore, based mostly on picture by Zhangxiao through Freepik
