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.”
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.
