1. Introduction
The board of directors (the “Board”) of Income Insurance Limited (“Income Insurance”) refers to:
(i) the pre-conditional voluntary cash general offer announcement (the “Pre-Conditional Offer Announcement”) made by J.P. Morgan Securities Asia Private Limited for and on behalf of Allianz Europe B.V. (the “Offeror”) on 17 July 2024;
(ii) the announcement by Income Insurance dated 17 July 2024 (the “Income Insurance Offer Launch Holding Announcement”); and
(iii) The Straits Times article dated 31 July 2024 titled “NTUC Enterprise, Income Insurance clarify concerns over Allianz-Income deal” (“The Straits Times Article”).
2. Clarification on Response in The Straits Times Article
2.1 An extract from The Straits Times Article is set out below.
“[The Straits Times]: What is Income’s embedded value?
[Andrew Yeo]: Because we are not a publicly listed company, we are not at liberty to publish our embedded value.”
2.2 The Board wishes to clarify that, on the basis that Income Insurance is not a publicly listed company, it is not under any regulatory obligation to publish its embedded value in any announcements. Accordingly, it would not have been appropriate to disclose the embedded value during the interview with The Straits Times.
2.3 The Board envisages that, subject to the requirements of the IFA (as defined below) (when appointed), Income Insurance’s embedded value is expected to be set out in the opinion of the IFA which will be appended to the composite document that will be despatched to shareholders of Income Insurance if and when the Offer is made. As set out in the Income Insurance Offer Launch Holding Announcement, the directors of Income Insurance who are considered independent for the purposes of the Offer (as defined in the Pre-Conditional Offer Announcement) will be appointing an independent financial adviser (“IFA”) to advise such directors, in respect of the Offer, and an announcement relating to the same will be made by Income Insurance upon such appointment.
3. Responsibility Statement
The directors of Income Insurance (including those who may have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed herein are fair and accurate and that no material facts have been omitted from this announcement, the omission of which would make any statement in this announcement misleading, and they jointly and severally accept responsibility accordingly.
Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from the Offeror (including, without limitation, the Pre-Conditional Offer Announcement), the sole responsibility of the directors of Income Insurance has been to ensure, through reasonable enquiries, that such information is accurately extracted from such sources or, as the case may be, accurately reflected or reproduced herein. The directors of Income Insurance do not accept any responsibility for any information relating to the Offeror or any opinion expressed by the Offeror.
BY ORDER OF THE BOARD
INCOME INSURANCE LIMITED
