Finance
Allianz scraps proposed acquisition of Singapore's Income Insurance, source says
Published by Global Banking & Finance Review®
Posted on December 13, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 13, 2024
1 min readLast updated: January 27, 2026
Allianz SE cancels its $1.5 billion acquisition of Income Insurance due to public opposition, impacting its growth in Asia.
(Reuters) - Allianz SE has scrapped a proposed $1.5 billion euro acquisition of a 51% stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.
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.
Bloomberg reported earlier on Friday that the German insurer was close to scrapping the deal.
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.
(Reporting by Alexander Huebner, Writing by Victoria Waldersee, Editing by Nick Zieminski)
The main topic is Allianz SE's cancellation of its acquisition of Singapore's Income Insurance due to public opposition.
The acquisition was canceled due to public opposition in Singapore, which was concerned about the impact on affordable insurance.
The proposed deal was valued at $1.5 billion euros for a 51% stake in Income Insurance Ltd.
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