Singapore blocks Allianz-Income deal

The Singapore government decided to block the Allianz-Income deal, stating it is “not in the public interest” for the proposed transaction to proceed in its current form.

A government official added that it is open to any new arrangement Income may wish to pursue, whether with Allianz or any other partners, as long as its current concerns are fully addressed.

In July, Allianz 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 was 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.