Allianz is a Singapore Income Insurance Through its subsidiary Allianz Europe BV
The conditional voluntary cash public tender offer seeks to purchase at least 51% of Income Insurance’s shares, pending regulatory approval.
AllianzThe offer price of S$40.58 per share values the 51 percent stake at about S$2.2 billion (€1.5 billion).
A well-established company in Singapore, Income Insurance offers a comprehensive portfolio of general, health and life insurance products to approximately two million policyholders.
These will be distributed through agents, financial advisors, bancassurance and direct channels.
Allianz said the acquisition is expected to significantly expand its presence in Singapore, making it one of the largest general insurers in Asia.
The acquisition leverages Allianz’s underwriting, product development and data analytics expertise, along with Income Insurance’s strong market reach and distribution capabilities.
Asia Pacific remains a strategic growth region for Allianz, expected to generate total business volume of approximately €7.7 billion in 2023 across its non-life and life & health insurance businesses.
The transaction is expected to deliver a double-digit return on investment (ROI) for Allianz in the medium term and is expected to close in late 2024 or early 2025.
Renate Wagner
“We are excited to partner with Income Insurance, a leading insurance company that shares Allianz’s values and customer-first approach.
“The proposed transaction brings together two strong businesses for the benefit of customers in Singapore and strengthens Allianz’s leadership position in the region.”
Renate Wagner, Allianz Executive Board Member for Asia Pacific, said:
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