Allianz: majority stake in 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 1.
5 billion euros.

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 7.7 billion euros last year.

On the Frankfurt Stock Exchange, Allianz shares were down 0.5% on Wednesday following this announcement.

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