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Allianz acquires controlling shares in Singapore’s insurer for USD1.6 bn

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Admin I Thursday, July 18, 2024

 

MUNICH  – German insurer Allianz said on Wednesday it is planning to strengthen its business in Asia by acquiring a 51% controlling stake in Singapore’s Income Insurance.

The deal valued at 2.2 billion Singapore dollars (US$1.6 billion) was announced in Munich on Wednesday.

With the takeover, Allianz aims to become the fourth-largest property and casualty insurer in Asia. Income Insurance also sells health and life insurance.

“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence,” said Renate Wagner, member of the board of management of Allianz and responsible for the Asia-Pacific region.

“This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.”

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The voluntary tender offer is subject to regulatory authorization. Allianz expects the deal to be finalized in the fourth quarter of 2024 or the first quarter of 2025.

 

 

 

 

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