The deal is expected to unlock significant synergies and capital optimisation opportunities for Allianz. Credit: mares90/Shutterstock.

German insurance major Allianz has announced plans to acquire at least a 51% stake in Income Insurance to strengthen its position in the Singapore insurance market 

Income Insurance, a company with operations in the Singapore market, serves around two million policyholders.  

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It offers a range of property and casualty, health and life insurance solutions.  

Allianz Europe, a fully owned unit of Allianz, has offered S$40.58 per share for the stake, which amounts to approximately S$2.2bn (around $1.6bn). 

Singapore’s status as a global financial centre, coupled with its rapid wealth growth and robust regulatory framework, makes it an attractive market for Allianz, the insurer noted.  

The deal will combine Allianz’s expertise in underwriting, product development and data analytics with Income Insurance’s market reach and distribution capabilities, elevating Allianz’s position to Asia’s fourth-largest composite insurer (from ninth earlier). 

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Allianz’s Asia-Pacific operations generated nearly €7.7bn in total business volume in 2023. 

The deal is also expected to unlock significant synergies and capital optimisation opportunities for Allianz. 

The completion of the deal is expected in the fourth quarter (Q4) of 2024 or Q1 2025, contingent on the receipt of regulatory approval. 

Allianz member of the board of management and in charge of the Asia-Pacific region Renate Wagner said: “We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence.  

“This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.”  

In April this year, Allianz finalised the sale of its 51% interest in Allianz Saudi Fransi to Abu Dhabi National Insurance Company for SR499m ($133.06m).  

This deal was in line with Allianz’s plan to optimise its Middle East business.