Allianz has officially withdrawn its pre-conditional voluntary cash offer to acquire a majority stake in Income Insurance, a deal initially announced on 17 July 2024.

The decision follows the Singapore government’s announcement during a parliamentary sitting on 14 October, expressing reservations about the transaction in its current form, and subsequent amendments to the Insurance Act.

The German insurer confirmed its commitment to Singapore’s insurance market, emphasising its intention to continue expanding its operations across the Asia-Pacific region.

Allianz described the decision as a reflection of its financial discipline while reaffirming its belief in the strategic benefits a partnership with Income Insurance could have delivered.

The insurer said that it remains convinced it is the right partner to support Income Insurance’s continued growth and strategic mission for the benefit of Singapore’s people.

Renate Wagner, a member of Allianz’s Board of Management overseeing the Asia-Pacific region, acknowledged the government’s decision.

“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.”

The insurer highlighted Singapore’s importance as a regional financial hub and reiterated its long-term confidence in its operations across Asia-Pacific, where it recorded €7.7 billion in total business volume in 2023.

Wagner added that Allianz remains focused on delivering value to its customers and partners in the region.

Featured image credit: Edited from Freepik

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