Singapore’s NTUC Chair Retires With Regret Over Allianz Debacle

Lim Boon HengPhotographer: Paul Miller/Bloomberg

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By Faris Mokhtar, Andrea Tan, and Joyce Koh

October 30, 2025 at 12:08 AM UTC

Updated on

October 30, 2025 at 8:30 AM UTC

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.