Allianz to acquire 51% of the shares in Income Insurance for €1.5bn

Written by Adam Cadle

17/07/2024

Allianz is to acquire at least 51% of the shares in leading Singapore insurer, Income Insurance, for around €1.5bn.

Income Insurance serves around two million policyholders with a full range of P&C, health and life 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.

Asia-Pacific is a strategically important growth region for Allianz in all segments – P&C, health, and life – in Singapore. The transaction is expected to generate a double-digit return on investment for Allianz in the mid-term.

“We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence,“ said Renate Wagner, member of the board of management of Allianz and responsible for the Asia-Pacific region.

“This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.”

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