The proposed offer is S$40.58 per share, valuing the transaction at around S$2.2 billion (€1.5 billion) for the majority stake.
This acquisition is a strategic move by Allianz to expand its presence in Singapore, a significant financial hub in Southeast Asia.
Allianz, with over 130 years of history, operates in nearly 70 countries and reported an operating profit of €14.7 billion in 2023. Active in Asia since 1910, it serves 9 million customers across nine markets in life/health and property/casualty insurance.
Anusha Thavarajah, regional chief executive officer, Allianz Asia Pacific, said that Asia is important for the group’s growth plans.
“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,” she said.
NTUC Enterprise Co-operative Ltd will retain a significant stake in Income Insurance, forming a competitive entity with Allianz in Singapore’s life & health and property & casualty insurance sectors.
Thavarajah highlighted the benefits of combining Income Insurance’s distribution and product strengths with Allianz’s global resources.
“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 wellbeing 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,” she said.
In other news, Allianz Asia Pacific recently introduced #SHEsecures, a program aimed at promoting gender equality and creating an inclusive work environment within the insurance industry.
The #SHEsecures program aims to address the specific challenges women face in insurance distribution by offering specialized training, educational support, networking opportunities, tailored product offerings, and productivity tools. The goal is to support women’s professional development and foster positive changes within the industry.
