Allianz’s offer makes business sense but Income’s ethos of affordable insurance hangs in the balance
Add BT as a preferred source
WHEN Income Insurance announced its intention to corporatise in 2022, the exercise was positioned as an effort to achieve “operational flexibility” to enable it to compete in the mature domestic market that is Singapore.
Who could have predicted that a mere two years later, it would be poised to cede 51 per cent of its shareholding to a German giant?
Just this week, Allianz announced a pre-conditional general offer for 51 per cent of Income Insurance at S$40.58 per share, in a deal valued at S$2.2 billion. The offer represents a premium of 37.3 per cent over Income’s net asset value per share of S$29.55 as at December 2023.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
