Income Insurance's ratings placed on "CreditWatch negative"

[Byebye Penis]

Income Insurance's ratings placed on "CreditWatch negative"​

https://www.asiainsurancereview.com...e-on-potential-dilution-of-government-support

S&P has placed its 'AA-' long-term local-currency insurer financial strength and issuer credit ratings on Income Insurance on CreditWatch with negative implications. The rating on Income Insurance is two notches above S&P’s assessment of the insurer’s stand-alone credit profile. This is owing to the insurer's sustained strong relationship with the Singapore government.

At the same time, S&P placed its 'A' long-term issue rating on Income Insurance's Singapore-dollar callable subordinated notes on CreditWatch negative.

S&P said, “The CreditWatch placement reflects our view of the high uncertainty surrounding potential changes to Income Insurance's shareholding structure. On 14 June 2024, Income Insurance announced that it is in discussions for a potential shareholding transaction with Allianz SE. Income Insurance has not disclosed any further information on potential changes to its shareholding structure and the impact on management and control post the transaction.

“Given the uncertainty surrounding the transaction, we do not consider group support from Allianz SE at this moment.”

S&P said, “We believe this potential privatisation showcases the government's intention to dilute its shareholding in Income Insurance. Such a move could lead to a gradual decrease in the likelihood of support.

The CreditWatch placement reflects the possibility of a decline in extraordinary support from the Singapore government to Income Insurance through NTUC Enterprise post the shareholding transaction.

S&P also said, “We aim to resolve the CreditWatch placement over the next 90 days, or longer. We will wait for more clarity on Income Insurance major shareholder's intention, the transaction plan, and how it will affect the management or control of the insurer.”​

 

[laksaboy]

This is owing to the insurer's sustained strong relationship with the Singapore government.

The CreditWatch placement reflects the possibility of a decline in extraordinary support from the Singapore government to Income Insurance through NTUC Enterprise post the shareholding transaction.

NTUC Income is similar to NTUC Fairprice: both are sustained by the PAP regime's patronage. You also need a large group of 'true believers' on this island to constantly give them their business.

 

[joemartini]

not happy?? go and surrender all your INCOME policies.... Rugi the coverage or accumulated bonuses or benefits, too bad. you voted for it.

 

[mahjongking]

lots of insurance companies doubled up their bond investments when interest rates were at close to zero.....now in deep water but not much publicity, watch out......

 

[joemartini]

many are mocking Lim Tean these past few years.

reminiscent of Chee Soon Juan being dragged thru the shit during those days.
being labelled a gangster, megalomanic, loose cannon etc..
remember the typo error and getting sued by George yeo.
shouting at GCT ...during the 2001 election..."Mr Goh, where is the money Mr Goh???
sued by LKY, LHL, GCT etc...

Now those who support PAP and deride Lim Tean and CSJ in the early years.....now go ask GCT, LHL, PAP...what is the fuck going on ??
NOL, Income, GCT's son, Iswaran....etc....

 

[jymifalcon]

There's a lot of uncertainty with their shareholding changes, especially with talks about a deal with Allianz SE. This might mean less support from the Singapore government.
Well, if you’re thinking about other insurance options, check https://purecover.co.uk/. They have different insurance products that could be good to look into.

 

[k1976]

Large-scale departures from Beijing city centre leave gaping hole in office towers​

South China Morning Post
Sun, 28 July 2024 at 5:30 pm SGT5-min read

Beijing's office market is reeling from the departure of large state-owned enterprises (SOes) and tech giants from the city centre, causing rents to decline as much as 30 per cent lower from a year ago, according to market observers.

The slump is likely to persist, as the relocation of large office occupiers, aimed at reducing Beijing's "noncore" functions, has freed up significant commercial real estate, they said.

As a result, Beijing's overall office vacancy rate has reached the highest level among China's first-tier cities, hitting nearly 18 per cent in the second quarter of 2024, according to a report published this month by the China Real Estate Information Corp (CRIC). Rents fell by 3.7 per cent quarter on quarter to 9.23 yuan (US$1.27) per square metre per day.
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"Office rents in the central business district have declined by 20 to 30 per cent from a year ago because the economy is bad, foreign-owned businesses are leaving, and businesses are [generally] struggling to stay afloat," said Ma Xiaoyu, a Beijing-based real estate agent.

Landlords of office towers in the central business district experienced a surge in vacant spaces as major SOEs, like Sinochem Holdings and China Huaneng Group, have moved their headquarters to the Xiongan New Area, located about 100km southwest of the capital.

"Landlords are now offering substantial rent discounts and generous rent-free periods to retain tenants and fill the rising number of vacant spaces," Ma said. "Since developers do not want their listing prices to appear too low, they are waiving rents for a few months to effectively lower the cost for tenants."