Allianz: takes lion's share of Singapore insurer
(CercleFinance.com) - Allianz announced on Wednesday that it had submitted a proposal to purchase 51% of the capital of Singaporean insurer Income Insurance for E1.
5bn.
The German group explains that it plans to offer 40.58 Singaporean dollars for each share of Income Insurance, which is active in property-casualty, health and life insurance.
The entity, which distributes its products via a network of agents, financial professionals and bancassurers, but also through a direct sales model, has around two million policyholders.
In a press release, Allianz explains that this acquisition of a majority stake will enable it to strengthen its position in Singapore, an attractive, fast-growing economy with a strong focus on the financial sector.
The operation, which is expected to be completed in late 2024 or early 2025, should generate double-digit profitability over the medium term, according to Allianz.
The Group points out that Asia-Pacific is, in general, a strategically important region, with a business volume of E7.7bn last year.
However, in Frankfurt, Allianz shares were down 0.5% on Wednesday following this announcement.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
5bn.
The German group explains that it plans to offer 40.58 Singaporean dollars for each share of Income Insurance, which is active in property-casualty, health and life insurance.
The entity, which distributes its products via a network of agents, financial professionals and bancassurers, but also through a direct sales model, has around two million policyholders.
In a press release, Allianz explains that this acquisition of a majority stake will enable it to strengthen its position in Singapore, an attractive, fast-growing economy with a strong focus on the financial sector.
The operation, which is expected to be completed in late 2024 or early 2025, should generate double-digit profitability over the medium term, according to Allianz.
The Group points out that Asia-Pacific is, in general, a strategically important region, with a business volume of E7.7bn last year.
However, in Frankfurt, Allianz shares were down 0.5% on Wednesday following this announcement.
Copyright (c) 2024 CercleFinance.com. All rights reserved.