Allianz has formally withdrawn its conditional discretionary cash offer to acquire a majority stake in Income Insurance, originally announced on July 17, 2024.
The decision comes after the Singapore government raised concerns about the deal in its current form in parliament on October 14, and a subsequent announcement. Amendment of insurance law.
The German insurer confirmed its commitment to the Singapore insurance market and emphasized its intention to continue expanding its business across the Asia-Pacific region.
Allianz explained that this decision reflects the company’s financial discipline and reaffirmed its belief in the strategic benefits of its partnership with Income Insurance.
The insurer said it remains confident that it is the right partner to support Income Insurance’s continued growth and strategic mission for the benefit of Singaporeans.
Renate Wagner, a member of Allianz’s management board that oversees the Asia-Pacific region, confirmed the government’s decision.
“We respect the decision of the Singapore government. I still believe that it will be integrated.
We regret that we have had to take this decision, but we will undoubtedly continue to support the continued growth and success of Singapore’s insurance market. ”
The insurer underlined the importance of Singapore as a regional financial hub and reiterated its long-term confidence in its operations across the Asia-Pacific region, which recorded a total transaction volume of EUR 7.7 billion in 2023.
Wagner added that Allianz remains focused on delivering value to its customers and partners in the region.
Featured image credit: Edited from freepic
