Allianz pull-out ‘provides clarity’ on Income’s special position
The local insurer occupies a unique role in Singapore with its social mission
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GERMAN insurer Allianz likely misjudged Income Insurance’s special position in Singapore, industry watchers said. And the government’s intervention in the proposed acquisition, they added, highlights the importance of preserving Income’s social mission.
The comments came after Allianz in a surprise move on Monday (Dec 16) announced its decision to withdraw its pre-conditional offer to acquire a 51 per cent stake in Income.
“It is easy to see how Allianz may have misjudged the special position of Income within Singapore,” John Morley, Asia-Pacific CEO at insurance broker Aon’s strategy and technology group, told The Business Times.
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