FRANKFURT, July 17 (Bernama-dpa) -- German insurer Allianz said on Wednesday it is planning to strengthen its business in Asia by acquiring a 51 per cent controlling stake in Singapore's Income Insurance, reported the German news agency (dpa).
The deal valued at S$2.2 billion or US$1.6 billion was announced in Munich on Wednesday.
With the takeover, Allianz aims to become the fourth-largest property and casualty insurer in Asia. Income Insurance also sells health and life insurance.
"We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence," said Renate Wagner, member of the board of management of Allianz and responsible for the Asia-Pacific region.
"This proposed transaction brings together two strong businesses for the benefit of Singapore's customers and solidifies Allianz’s leadership position in the region."
The voluntary tender offer is subject to regulatory authorisation.
Allianz expects the deal to be finalised in the fourth quarter of 2024 or the first quarter of 2025.
-- BERNAMA-dpa
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
