Allianz has unveiled plans to acquire a majority stake in Income Insurance, a Singapore-based insurer, pending regulatory approval. The proposed offer, spearheaded by Allianz Europe B.V., stands at US$30.23 (S$40.58) per share, amounting to approximately US$1.64 billion (S$2.2 billion) for a 51% ownership stake in Income Insurance.
This strategic move is set to bolster Allianz’s footprint in Singapore, adding to its extensive presence across nearly 70 countries. In 2023, Allianz reported a robust operating profit of €14.7 billion.
Anusha Thavarajah, Regional Chief Executive Officer of Allianz Asia Pacific, emphasized the significance of Asia in Allianz’s strategic vision, stating, “Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution.” Thavarajah highlighted that NTUC Enterprise Co-operative Ltd will maintain a substantial stake in Income Insurance post-acquisition.
Thavarajah further elaborated, “Together with Allianz, we will establish a highly competitive powerhouse focused on Life & Health and Property & Casualty insurance in Singapore.” She expressed confidence in leveraging Income Insurance’s strengths in distribution, partnerships, and products alongside Allianz Group’s global and regional resources to elevate the insurance landscape in Singapore and Southeast Asia.
This acquisition marks a strategic alignment aimed at enhancing Allianz’s market position and service offerings in the region, pending regulatory approvals.
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