In light of the Singapore Government’s announcement during the parliament sitting on October 14 and subsequent changes to the Insurance Act, Allianz today – through its wholly owned subsidiary Allianz Europe B.V. – announced it has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51 percent of the shares in Income Insurance. Allianz’s offer was announced on July 17, 2024.
Allianz remains convinced it is the right partner to support Income Insurance’s continued growth and its strategic mission for the benefit of Singapore’s people, but the decision to withdraw its offer at this time underscores Allianz’s financial discipline. The extensive discussions which Allianz and Income Insurance have had over the last months have further highlighted the shared values between the two groups.
“We respect the Singapore Government’s decision,” says Renate Wagner, Member of the Board of Management of Allianz SE and responsible for the Asia-Pacific region. “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.”
With 7.7 billion euros in Total Business Volume across its Property-Casualty and Life/Health retail insurance businesses in 2023, the Asia-Pacific region is a strategically important growth area for Allianz and Singapore as the regional financial services hub of Southeast Asia will continue to remain an important market for Allianz. “We have full confidence in the future strength and potential of our existing operations across the region, and we look forward to continuing to deliver exceptional value to our customers and partners across Asia-Pacific,” adds Renate Wagner.
