Allianz may be considering buying a stake in Income Insurance or forming a partnership. Credit: mares90/Shutterstock.

German insurance company Allianz and Singapore’s Income Insurance are currently in discussions regarding a potential partnership.  

In a statement, Income Insurance said that it is having talks with Allianz about a transaction involving the company’s shares. 

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Income Insurance’s statement about a potential tie-up follows a report by Bloomberg suggesting that Allianz might be considering acquiring a stake in Income Insurance or forming a partnership.  

Separately, the Straits Times, citing unnamed sources, revealed that an application for the partnership has been submitted to the Monetary Authority of Singapore (MAS), which has requested additional information. 

A spokesperson for the MAS declined to comment on specific regulatory approvals when queried about the proposed partnership’s status.  

Income Insurance stressed that the likelihood of a transaction occurring or a definitive or binding agreement being signed remains uncertain.  

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An Allianz spokesperson, as reported by the Straits Times, said: “Allianz remains committed to the Singapore market, and we are not exiting Singapore.”  

This development follows reports from Bloomberg last month that Income Insurance is seeking expansion opportunities in the Asia-Pacific region, which may include partnering with another entity or selling a stake. 

In related news from the Singapore insurance sector, Oversea-Chinese Banking Corporation has made a S$1.4bn ($1bn) offer to acquire the remaining shares of Great Eastern Holdings it does not yet own.  

However, this takeover bid is facing resistance from Great Eastern’s minority shareholders, who consider the offer to be undervalued.