SINGAPORE, Dec 14 — Allianz SE has scrapped a proposed €1.5 billion (RM7 billion) acquisition of a 51 per cent stake in Singaporean firm Income Insurance Ltd because of public...
The move would have lifted Allianz to fourth largest composite insurer in Asia, from ninth, but sparked critique in Singapore because of concerns that it would detract from a mission to provide affordable insurance for lower-income workers. — Reuters picas a first-time user . Exclusively for Malay Mail readers: Use codeSINGAPORE, Dec 14 — Allianz SE has scrapped a proposed €1.
The move would have lifted Allianz to fourth largest composite insurer in Asia, from ninth, but sparked critique in Singapore because of concerns that it would detract from a mission to provide affordable insurance for lower-income workers. The decision will likely be announced publicly in the coming week, the source said, declining to be named. Allianz declined to comment.Income Insurance Ltd, which has around 1.7 million customers and offers life, health, and property insurance, was founded in the 1970s to offer insurance to poorer parts of the population.
Singapore’s prime minister said in October that the city-state would block Allianz’s bid but remained open to a new deal if its concerns could be addressed, which Allianz said at the time it would attempt to do. — Reuters
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Allianz Malaysia displays resilience, posts higher insurance revenuePETALING JAYA: Allianz Malaysia Bhd recorded insurance revenue of RM1.44 billion for third quarter ended Sept 30, 2024 (Q3’24), an increase of 10.3% o...
Read more »
Allianz Malaysia, UM lancar pusat tadbir urus tangani rasuahAllianz Malaysia dan Universiti Malaya melancarkan Allianz Centre for Governance, inisiatif strategik untuk menjalankan penyelidikan.
Read more »
Simple Homeowners Insurance Policy Under RM100 Could Be A Lifesaver, Says Insurance ConsultantVeteran insurance consultant Leonard Tan suggests homeowners take up policies tailored to their property risks, including 'special peril riders' that cover natural disasters such as floods, landslides, and storms. The premiums for these policies are affordable, typically under one percent of the coverage sum.
Read more »
Bank Worker Union Urges Scrap of RM1 ATM Fee for Lower-Income GroupsThe National Union of Bank Employees (Nube) has urged Payments Network Malaysia Sdn Bhd (PayNet), Bank Negara Malaysia (BNM), and 11 banks to abolish the RM1.00 interbank ATM cash withdrawal fee, citing financial hardships faced by lower-income groups. The fee was waived during the pandemic but reinstated in February 2022.
Read more »
Finalis Kejohanan Remaja Dunia, Low Zi Yu unggul di Kejohanan Badminton Remaja Allianz 2024Finalis Kejohanan Remaja Dunia, Low Zi Yu unggul di Kejohanan Badminton Remaja Allianz 2024
Read more »
5 Myths About Medical Insurance Every Malaysian Needs To Stop Believing!Maybe it’s time to learn what medical insurance can actually do for you.
Read more »