Allianz, through its subsidiary Allianz Europe BV, has unveiled plans for a pre-conditional voluntary cash general offer to acquire at least 51% of Income Insurance shares pending regulatory approval. The proposed offer stands at S$40.58 per share, valuing the transaction at approximately S$2.2 billion (€1.5 billion) for the majority stake.
This strategic move marks Allianz’s intention to bolster its footprint in Singapore, a pivotal financial hub in Southeast Asia. With a robust history spanning over 130 years and operations in nearly 70 countries, Allianz reported an operating profit of €14.7 billion in 2023. Active in Asia since 1910, the company currently serves 9 million customers across nine markets, specializing in life/health and property/casualty insurance.
Anusha Thavarajah, Regional Chief Executive Officer of Allianz Asia Pacific, emphasized the strategic significance of Asia for the group’s growth strategy: “We are excited about the potential alliance between Allianz, the global leader in insurance, and Income Insurance, a trusted household name in Singapore. Our commitment to investing in Singapore is underscored by our partnership with this esteemed local institution.”
NTUC Enterprise Co-operative Ltd will retain a substantial stake in Income Insurance, fostering a competitive landscape alongside Allianz in Singapore’s life & health and property & casualty insurance sectors. Thavarajah highlighted the synergies expected from integrating Income Insurance’s strong distribution network and product offerings with Allianz’s global resources.
“As Singapore and the region continue to advance in technology and healthcare, and with growing affluence, insurance plays a pivotal role in safeguarding financial security and well-being,” Thavarajah remarked. “Aligned with Allianz’s purpose of ‘We secure your future,’ we aim to be a trusted partner, ensuring the future security of our customers and inspiring confidence in tomorrow for all stakeholders.”
Allianz Asia Pacific Launches #SHEsecures Initiative
In parallel news, Allianz Asia Pacific has introduced the #SHEsecures initiative, aimed at promoting gender equality and fostering inclusivity within the insurance sector. The program is tailored to address specific challenges faced by women in insurance distribution through specialized training, educational support, networking opportunities, tailored product offerings, and productivity tools. The initiative seeks to support women’s professional development and drive positive change within the industry.
