Allianz-Income Merger in Limbo as Parties Weigh New Rules

Allianz and Income Insurance are still exploring potential changes to their proposed acquisition deal, which was first announced in July, as stated in a local bourse filing. The two parties are actively looking into the implications of a recent Ministerial Statement by Edwin Tong. This statement pertains to regulatory concerns and amendments to the Insurance Act of 1966.

As of November 14, Allianz, Income Insurance, and NTUC Enterprise Co – operative are engaged in ongoing discussions to handle these regulatory matters. Income Insurance CEO Andrew Yeo noted in the filing, “These discussions are still ongoing and there is no guarantee that any transaction will take place. Income Insurance will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulations.”

Income Insurance has also advised its shareholders and bondholders to be cautious when dealing with the company’s securities and to seek professional advice if necessary.

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