Allianz withdraws bid for Income Insurance acquisition
December 16, 2024
- Wife of ex-interim NYPD Commish Tom Donlon slapped with summons for car insurance lapse following NYC crash: sources
- Erie Insurance closes on $10.2 million purchase of Highmark building
- China EV insurance registrations for week ending Dec 15: Nio 4,400, Tesla 18,500, Xiaomi 5,800, BYD 97,800
- Michael Moore Defends ‘Boiling’ Anger For Health Insurance Industry
- Military families concerned about insurance cuts at Children’s Hospital
Bạn đang xem: Allianz withdraws bid for Income Insurance acquisition
Allianz Europe, a subsidiary of Allianz, has withdrawn its pre-conditional voluntary cash general offer to acquire at least a 51% stake in Income Insurance.
This decision comes after subsequent changes to the Insurance Act by the Singapore Government in October.
Initially proposed in July 2024, the acquisition was valued at $1.7bn (S$2.24bn).
Despite the withdrawal, Allianz aims to maintain an interest in the Singapore insurance market and is committed to contributing to its growth.
The legislative amendment now requires the financial regulator to seek approval from the relevant government ministry for transactions involving insurers that are cooperatives or linked to cooperatives.
With the change, the government’s stance on a deal with Income Insurance would not serve the public interest in its current form.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Thank you!
Xem thêm : Warner selected as Gleaner Life’s 11th president and CEO
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
Allianz SE Asia-Pacific board of management member Renate Wagner said: “We respect the Singapore Government’s decision. We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers.
“We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success.”
In 2023, the Asia-Pacific region of Allianz generated business volumes of €7.7bn from its property-casualty and life/health retail insurance sectors.
Singapore, as the financial services hub of South East Asia, remains a key area in the expansion.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Nguồn: https://propertytax.pics
Danh mục: News