Allianz to buy majority stake in Income

Allianz, through its wholly owned subsidiary Allianz Europe B.V., announced a pre-conditional voluntary cash general offer to acquire at least 51% of the shares in Singaporean insurer Income, subject to regulatory approval. The deal is valued at $1.6 billion.

Income serves around 2 million policyholders with a variety of products distributed via agents and financial advisors as well as through bancassurance and direct channels.

This majority stake is expected to elevate Allianz’s presence in the “fast-growing and attractive” Singapore insurance market and establishes the company as one of the largest composite insurers in Asia.

The acquisition leverages Allianz’s capabilities in underwriting, product development, and data analytics with Income Insurance’s impressive market reach and strengths in distribution, partnerships, and people.

Asia-Pacific is a strategically important growth region for Allianz, having generated almost €7.7 billion in Total Business Volume across its P&C and Life/Health businesses in 2023.

The integration of the businesses would result in top positions for Allianz in all segments – P&C, Health, and Life – in Singapore. Closing is expected in the fourth quarter of 2024 or in the first quarter of 2025.

“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence. This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.” – Renate Wagner, Member of the Board of Management of Allianz and responsible for the Asia-Pacific region.