Income Insurance says it is in discussion with Allianz for potential transaction of shares

INCOME Insurance is currently “in discussion” with European insurer Allianz on a transaction relating to Income’s shares, it said on Friday (Jun 14). The statement follows media reports that the two insurers are in talks about a possible tie-up, which could see Allianz buying a stake in Income, or a partnership agreement.

Bloomberg also earlier reported that Income was exploring options to expand across the Asia-Pacific region.

Income said that there is no assurance that any transaction will materialise or that any definitive or binding agreement will be reached. It will make further announcements if and when there are any material developments which warrant disclosure.

Income is a public non-listed company limited by shares, and was formerly known as NTUC Income Insurance Co-operative Ltd. It has served about 1.7 million customers in Singapore, and has S$43 billion in assets under management as at Dec 31, 2023.

Allianz, which owns asset managers Pimco and Allianz Global Investors, is a global insurer and asset manager, with about 125 million private and corporate customers in nearly 70 countries.

Earlier in May, OCBC offered S$1.4 billion for the remaining stake in Great Eastern that it does not already own, with the aim of delisting the insurer.

SEE ALSO

Income Insurance sells 30 Prinsep Street for S$142 million

Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share

Singapore life insurance sales up 32.2% to S$1.4 billion in Q1

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In March, Singlife become a wholly owned subsidiary of Japanese life insurer Sumitomo Life, in a deal that valued the Singapore insurer at S$4.6 billion.