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Income could still find other buyers but investors may be cautious, say analysts after Allianz withdraws offer


Published on 2024-12-16 08:21:10 - Channel NewsAsia Singapore
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  • German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance.

Income Insurance, Singapore's largest homegrown insurer, has withdrawn from its planned acquisition by Allianz, a German insurance giant, due to regulatory concerns from the Monetary Authority of Singapore (MAS) regarding market concentration. The deal, which was announced in September 2023, would have seen Allianz acquire a 100% stake in Income. Following the termination, NTUC Enterprise, the parent company of Income, has decided to explore other potential buyers for the insurer. This decision comes as NTUC aims to ensure Income's long-term sustainability and growth, while also addressing the regulatory issues highlighted by MAS. The process to find a new buyer will be managed by NTUC Enterprise, with a focus on maintaining Income's local identity and its commitment to social and community objectives.

Read the Full Channel NewsAsia Singapore Article at:
[ https://www.channelnewsasia.com/singapore/income-insurance-allianz-withdraw-deal-ntuc-potential-buyers-4809311 ]