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Allianz to significantly strengthen presence in Singapore with planned acquisition of majority stake in Income Insurance

Allianz (through its wholly owned subsidiary, Allianz Europe B.V. (the Offeror)) has announced a pre-conditional voluntary cash general offer to acquire at least 51% of the shares of Income Insurance, subject to regulatory approval. Allianz intends to offer S$ 40.58 per share for a total transaction value of approximately S$ 2.2 billion (approximately EUR 1.5 billion) for 51% of the shares in Income Insurance.

The proposed transaction marks a key milestone for Allianz in its strategic ambition to expand and strengthen its presence in Singapore – an important market for Allianz, given its status as the financial services hub of Southeast Asia.

Allianz is one of the world’s largest global financial services groups. It was founded more than 130 years ago and is present in nearly 70 countries today. Over the years, the Allianz Group has grown from strength to strength, reaching an operating profit of €14.7bn in 2023. Present in Asia since 1910, Allianz has a balanced and well-diversified footprint across 9 markets in both Life & Health and Property & Casualty, serving 9 million customers through a network of 80K distributors and 35 distribution partners.

Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific, said: “We are excited at the prospect of the coming together of Allianz, the #1 global insurance brand, and Income Insurance, Singapore’s trusted and leading insurance brand. 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. 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.”

Aligned in values and committed to safeguarding stakeholder interests 

Allianz intends for Income Insurance to continue participation in national insurance programmes. In addition, Allianz intends for Income Insurance to continue its social commitment and existing pledge of S$100 million over 10 years from 2021 to promote social mobility among the low-income, support the well-being of seniors, and champion environmental causes.

Allianz intends to ensure a seamless transition for policyholders, continuing to honour the terms of the existing polices underwritten by Income Insurance resulting in no impact to customers.

Allianz also values the contribution of Income Insurance’s employees in building Income Insurance into the leading insurance company and brand it is today and will invest in its people through development, training and upskilling opportunities to build an organisation that is resilient and future-ready. In addition, Allianz intends for Income Insurance to continue to recognize the union, and uphold the principles of good labour-management relations as advocated by the tripartite partners in Singapore.

Leveraging Allianz’s global and regional capabilities, Allianz is committed to bringing in the right technology, training, and tools to support the growth and professionalization of Income Insurance’s distribution channels.

Anusha further adds, “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.

Driven by Allianz’s purpose: ‘We secure your future’, we strive to remain a trusted partner that safeguards the future of our customers and instils a sense of confidence in tomorrow for all stakeholders.”

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