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Singaporeans’ alarmed reaction to Allianz’s plans to buy a majority stake in Income Insurance is not merely about nostalgia for a “Singapore icon” ( , July 23). Unlike the sale of, say, Raffles Hotel, this proposal is different because Income is a strong and successful pillar of Singapore’s social support framework. None of the “positives” expressed by industry experts in the article, such as solidifying Income’s No. 1 position or helping Income become a bigger player in the region, is a social outcome. All are financial outcomes. It is important not to conflate the success of Income as a business with the success of Income as a social cooperative.  Some Singaporeans are concerned that Income will forget its social mission, and instead become more financially successful at the expense of its social mission. Logically, Allianz would not want to buy such a big stake if it does not see the possibility of being able to extract a fatter margin from Income. The top social mission-related promises from the buyer Allianz and the seller NTUC Enterprise also seem to gloss over stakeholders’ concerns.  Saying that Allianz will honour the terms of existing policies means little for future terms, products and customers. Existing contracts will eventually run out and can be accepted as a transient loss to Allianz, while future customers may be subjected to its full profit motives.  Also, saying that NTUC Enterprise will hold a substantial stake ignores the fact that even 49 per cent is still a minority, and there is clearly a reason why Allianz wants a majority stake. As a Singaporean with a strong belief and stake in Singapore, I hope this proposed sale will come under intense regulatory scrutiny.  Singapore is known for its foresight. Hence, I hope NTUC Enterprise does not take a short-sighted view and kill the golden goose of our societal foundation (which is both making a profit and also serving our social needs well). Once we lose our unique Income, we will not be able to get it back.