Around 2.75 million Singaporeans are eligible to vote in the country’s general election on May 3, where a prime minister will be chosen to lead for the next five years.
During the nine-day election campaign, which is among the shortest globally, attention has returned to a failed deal between Allianz, the prominent insurance company, and local insurer Income Insurance from the previous year.
In July, Allianz proposed a $1.7 billion takeover of Income Insurance. The proposal was controversial, with concerns among Singaporeans about the potential shift from Income’s mission of providing affordable insurance.
By October, Singaporean officials blocked the deal, and Allianz withdrew its bid in December.
Politicians from both the ruling People’s Action Party and the main opposition, the Workers’ Party, are revisiting the terminated deal in campaigning for key constituencies. The debate centers on why officials initially approved the deal and how the decision later changed, including questions that were overlooked.
Ng Chee Meng, chief of the National Trades Union Congress, defended the labor movement’s initial support for the bid, suggesting it would have strengthened Income Insurance. Ng, running for a parliamentary seat with the PAP, addressed criticisms that the union should have opposed the deal.
Income Insurance was formerly under the NTUC umbrella, with NTUC Enterprise still holding a majority share at approximately 72.8%.
Ng vowed to improve, stating during a rally, “We will do our best, and sometimes I’m sorry that it is not good enough.”
Former Prime Minister Lee Hsien Loong claimed that the Workers’ Party might have supported the deal had they been in power. He noted only one opposition member inquired about it and pointed out that the Workers’ Party abstained from voting on blocking the merger.
Pritam Singh, leader of the Workers’ Party, accused PAP’s labor MPs of not questioning the deal previously.
Harpreet Singh, a Workers’ Party member, demanded Deputy Prime Minister Gan Kim Yong clarify his involvement in the deal and respond to an open letter from former Income Insurance CEO Tan Suee Chieh.
The letter, directed at Gan and released on April 27, raised questions about regulatory oversight, NTUC’s evolving role, and accountability.
On Tuesday, Gan asked why the opposition failed to question the deal earlier while explaining the government’s shift in stance after further details emerged. “We wanted to support the deal, because it will help Income. But when more details were furnished, we decided [we had] to stop the deal,” he clarified.
This election represents the first major political test for PAP’s leader, Prime Minister Lawrence Wong, who assumed the role last year. The PAP, which has remained in power since Singapore’s independence in 1965, is anticipated to retain governance following the election.
This story was initially featured on Fortune.com.
