This is also equivalent to a 51% majority stake in the SG-based insurer.
Allianz has announced its acquisition of a majority stake in Singapore-based Income Insurance, pending regulatory approval.
The offer, led by Allianz Europe B.V., proposes US$30.23 (S$40.58) per share, totalling approximately US$1.64b (S$2.2b) for 51% of Income Insurance.
This acquisition strengthens Allianz's presence in Singapore. Allianz currently operates in nearly 70 countries and reported an operating profit of €14.7b in 2023.
"Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution. NTUC Enterprise Co-operative Ltd will continue to retain a substantial stake in Income Insurance, and together with Allianz, we will establish a highly competitive powerhouse focused on Life & Health and Property & Casualty insurance in Singapore," Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said in a press release.
"By integrating Income Insurance's capabilities in distribution, partnerships, products, people and Allianz Group's global and regional resources and expertise, we look forward to taking the insurance landscape of Singapore and Southeast Asia to the next level." Thavarajah added.
(US$1.00 = S$1.34)
