German Iinsurer, Allianz says on Wednesday that it is planning to strengthen its business in Asia by acquiring a 51 per cent controlling stake in Singapore’s Income Insurance.
The deal valued at 2.2 billion Singapore dollars (1.6 billion dollars) was announced in Munich on Wednesday.
With the takeover, Allianz aimed to become the fourth-largest property and casualty insurer in Asia.
Income Insurance also sold health and life insurance.
“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence,’’ Renate Wagner said.
Wagner is a member of the board of management of Allianz and responsible for the Asia-Pacific region.
He said, “This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.’’
The voluntary tender offer is subject to regulatory authorisation.
Allianz expects the deal to be finalised in the fourth quarter of 2024 or the first quarter of 2025.
