Allianz has announced a pre-conditional voluntary cash general offer to acquire at least 51 per cent of the shares in Income Insurance, based in Singapore.
The proposed transaction, with a value estimated at US$1.64 billion, aims to expand and strengthen Allianz’s presence in the country, known as a financial services hub in APAC.
According to the firm, the acquisition leverages Allianz's capabilities in underwriting, product development, and data analytics, as well as Income Insurance's market reach and strengths in distribution, partnerships and people.
The company says APAC is a strategically important growth region for Allianz, having generated almost US$8.38 billion in total business volume across its property and casualty, and life and health coverages in 2023.
Renate Wagner, member of the board of management of Allianz and responsible for the APAC region, says: “This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.”
Meanwhile, Anusha Thavarajah, regional CEO of Allianz Asia Pacific, remarks: “As Singapore and the region benefit from advancements in technology and healthcare and continue to grow in affluence, we firmly believe in the pivotal role of insurance in society to protect and grow their financial security and the well-being of our customers and partners.”
