Allianz to Acquire Majority Stake in Singapore's Income Insurance for $1.6 Billion

Allianz to Acquire Majority Stake in Singapore's Income Insurance for $1.6 Billion

18 Jul, 2024

German insurer Allianz plans to buy a 51% stake in Singapore's Income Insurance for $1.6 billion, marking its largest acquisition in Asia and its biggest deal in three years. The acquisition will elevate Allianz to the fourth-largest insurer in Asia, reflecting the company's commitment to investing in Singapore's growing insurance market. NTUC Enterprise, the top shareholder of Income Insurance, will remain a substantial shareholder. The transaction is subject to regulatory approval.

 

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