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.
FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File photoFRANKFURT: Germany's Allianz said on Wednesday that it was planning to buy a majority stake in Singapore's Income Insurance for around US$1.6 billion.
"This majority stake is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market," Allianz said. The company said it values the contribution of Income Insurance's employees in building the company and"will invest in its people through development, training and upskilling opportunities to build an organisation that is resilient and future-ready".
NTUC Enterprise chief executive officer Adeline Sum said:"We intend for Income Insurance to continue to be an important financially profitable and socially responsible business, in line with its enduring purpose of empowering financial well-being for all, which strongly aligns with Allianz’s values.”
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