Source: Allianz

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.

This majority stake is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market and establishes the company as one of the largest composite insurers in Asia. Singapore is a leading global financial hub, supported by rapid wealth growth and a strong regulatory environment. 

Asia-Pacific is a strategically important growth region for Allianz, having generated almost EUR 7.7 billion in Total Business Volume across its Property-Casualty and Life/Health businesses in 2023. 

The integration of the businesses would result in top positions for Allianz in all segments – P&C, Health, and Life – in Singapore. It would also position Allianz to realize significant synergy and capital optimization potential. 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. 

“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence,“ says 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.” 

Read the full article: https://www.allianz.com/en/press/news/financials/stakes_investments/240717-allianz-to-become-a-leader-in-singapore-insurance-market-with-planned-acquisition-of-majority-stake-in-income-insurance.html