Allianz drops bid to acquire 51% of Income Insurance

Allianz is withdrawing its offer to acquire a majority stake in Singapore-based insurer Income Insurance.

This decision came following an announcement made by the Singaporean Government on 14 October 2024 expressing its opposition to the current terms of the transaction.

On 17 July 2024, the German group had made an offer to acquire 51% of Income Insurance for 2.2 billion SGD (1.6 billion USD).