Allianz reportedly on the brink of canceling plans acquisition Total income insurance in Singapore is reported to be worth US$2.2 billion, following increased public and regulatory oversight. bloomberg.
The German insurer initially aims to secure a majority stake in the Singapore cooperative, a strategic move to become Asia’s fourth-largest general insurance company.
However, the proposed deal faced challenges due to concerns that it could undermine Income Insurance’s tradition of serving low- and middle-income households.
In October, the Singapore Parliament Amendment of insurance lawgiving regulators the power to block transactions that are not in the public interest.
These legal changes further complicate Allianz’s efforts to pursue acquisitions.
in spite of pledge As it works with stakeholders to address objections, insiders suggest Allianz is struggling to find a compromise that meets both public sentiment and regulators’ expectations.
At this time, talks are reportedly underway to formally withdraw the proposal, but no final decision has been made.
Representatives for Allianz and Income Insurance did not comment on the matter.
Featured image credit: Edited from unsplash
