Allianz seeks 51% Income Insurance stake in 1.5 billion-euro deal

GERMAN financial services giant Allianz plans to acquire 51 per cent of Singapore-based insurer Income Insurance at S$40.58 per share. The deal amounts to some 1.5 billion euros (S$2.2 billion), Allianz announced on Wednesday (Jul 17).

NTUC Enterprise Co-operative Limited currently owns around 72.8 per cent of the insurer, represented by about 78 million shares out of the total 107.2 million shares as at Dec 31, 2023, based on Income’s annual report. The balance is held mainly by retail investors.

Allianz requires about 54.7 million shares of Income to reach the 51 per cent stake. The offer price represents a 37.3 per cent premium over the net asset value of the shares as at Dec 31, 2023.