Allianz to become a leader in Singapore insurance market with planned acquisition of majority stake in Income Insurance
Allianz SE | Munich | Jul 17, 2024
- Allianz to acquire at least 51 percent of the shares in leading insurer Income Insurance
- Acquisition in fast-growing Singapore insurance market would catapult Allianz from the ninth to the 4th largest composite insurer in Asia
- Transaction subject to regulatory approval
Today Allianz – through its wholly owned subsidiary Allianz Europe B.V. – announced a pre-conditional voluntary cash general offer to acquire at least 51 percent of the shares in leading Singapore insurer Income Insurance, subject to regulatory approval.
Income Insurance is deeply rooted in its home market, is a trusted household name and serves approx.
2 million policyholders with a full range of Property-Casualty, Health and Life products distributed via agents and financial advisors as well as through bancassurance and direct channels.
Allianz intends to offer SGD 40.58 per share for a total transaction value of approx. SGD 2.2 billion (approx. EUR 1.5 billion) for 51 percent of the shares in Income Insurance.
The transaction is expected to generate a double-digit Return on Investment for Allianz in the mid-term. Closing is expected in the fourth quarter of 2024 or in the first quarter of 2025.
https://www.allianz.com/en/press/ne...on-of-majority-stake-in-income-insurance.html
