Source: Allianz
Allianz intends to offer S$ 40.58 per share for a total transaction value of approximately S$ 2.2 billion (approximately EUR 1.5 billion) for 51% of the shares in Income Insurance.
The proposed transaction marks a key milestone for Allianz in its strategic ambition to expand and strengthen its presence in Singapore – an important market for Allianz, given its status as the financial services hub of Southeast Asia.
Allianz is one of the world’s largest global financial services groups. It was founded more than 130 years ago and is present in nearly 70 countries today. Over the years, the Allianz Group has grown from strength to strength, reaching an operating profit of €14.7bn in 2023. Present in Asia since 1910, Allianz has a balanced and well-diversified footprint across 9 markets in both Life & Health and Property & Casualty, serving 9 million customers through a network of 80K distributors and 35 distribution partners.
Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “We are excited at the prospect of the coming together of Allianz, the #1 global insurance brand, and Income Insurance, Singapore’s trusted and leading insurance brand. Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution.
NTUC Enterprise Co-operative Ltd will continue to retain a substantial stake in Income Insurance, and together with Allianz, we will establish a highly competitive powerhouse focused on Life & Health and Property & Casualty insurance in Singapore. By integrating Income Insurance’s capabilities in distribution, partnerships, products, people and Allianz Group’s global and regional resources and expertise, we look forward to taking the insurance landscape of Singapore and Southeast Asia to the next level.”
Read full article: https://www.allianz-asiapacific.com/news/allianz-to-significantly-strengthen-presence-in-singapore-with-planned-acquisition-of-majority-stake-in-income-insurance.html
