Germany’s Allianz withdraws offer to acquire Singapore’s Income Insurance
December 16, 2024
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Income, which has about 1.7 million customers and offers life, health, and property insurance, was founded in the 1970s to offer protection to low income segments of the population.
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Allianz said on Monday that, following the Singapore Government’s announcement on October 14 and subsequent changes to the Insurance Act, it has withdrawn its pre-conditional voluntary cash offer to acquire at least 51 per cent of the shares in Income. The changes allow Singapore’s Monetary Authority to consider the views of the Ministry of Culture, Community and Youth (MCCY) during regulatory approvals for insurers that are either co-operatives or linked to one.
“We respect the Singapore Government’s decision,” Renate Wagner, board member of Management of Allianz SE and responsible for the Asia-Pacific region, said in a statement on Monday.
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