Allianz aims to maintain an interest in the Singapore insurance market and is committed to contributing to its growth. Credit: mares90/Shutterstock.

Allianz Europe, a subsidiary of Allianz, has withdrawn its pre-conditional voluntary cash general offer to acquire at least a 51% stake in Income Insurance.  

This decision comes after subsequent changes to the Insurance Act by the Singapore Government in October. 

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Initially proposed in July 2024, the acquisition was valued at $1.7bn (S$2.24bn). 

Despite the withdrawal, Allianz aims to maintain an interest in the Singapore insurance market and is committed to contributing to its growth.  

The legislative amendment now requires the financial regulator to seek approval from the relevant government ministry for transactions involving insurers that are cooperatives or linked to cooperatives.  

With the change, the government’s stance on a deal with Income Insurance would not serve the public interest in its current form. 

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Allianz SE Asia-Pacific board of management member Renate Wagner said: “We respect the Singapore Government’s decision. We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers. 

“We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success.” 

In 2023, the Asia-Pacific region of Allianz generated business volumes of €7.7bn from its property-casualty and life/health retail insurance sectors.  

Singapore, as the financial services hub of South East Asia, remains a key area in the expansion.