FRANKFURT: Germany’s Allianz said on Wednesday ( Jul 17 ) that it was planning to buy a majority stake in Singapore’s Income Insurance for around US$ 1.6 billion.
Allianz said it would offer S$ 40.58 per share for a transaction value of S$ 2.2 billion ( US$ 1.64 billion ),  , for 51 per cent of the shares in Income Insurance.
” This lot play is expected to raise Allianz’s presence in the fast-growing and beautiful Singapore healthcare business”, Allianz said.
Anusha Thavarajah, Allianz Asia Pacific’s local chief executive officer, stated that the company is” committed to investing in Singapore by partnering with a reputable local establishment.”
The business praised Income Insurance’s employees ‘ contributions to the growth of the business and pledged to invest in its staff through development, training, and job prospects to “build an organization that is adaptable and future-ready.”
Allianz added that it intends to support the principles of good labor control relations that the bilateral partners in Singapore have advocated and continue to acknowledge the union.
According to NTUC Enterprise’s CEO, Adeline Sum,” We intend for Income Insurance to continue to be an essential, financially successful, and socially responsible firm, in line with its enduring goal of empowering economic well-being for all, which is in line with Allianz’s values.”
Allianz’s offer comes at a time when there is more bargain activity and consolidation in the Singaporean insurance sector.