Income Insurance says it is in discussion with Allianz on a transaction relating to the shares of the company, the latest development in the recent deals involving the Singapore insurance sector.
The June 14 announcement follows a Bloomberg report from late-May stating Income Insurance is exploring options, including a possible tie up with a partner or selling a stake.
Income Insurance serves about 1.7 million customers in Singapore, and is designated by the regulator as one of the four important insurers of the nation. It was established in 1970, and offers services in life, health, travel and home insurance, and savings and investments.
Germany-based Allianz has a market value of more than US$100 billion ($135.34 billion).
In early May, Oversea-Chinese Banking Corporation (OCBC) offered $1.4 billion to acquire full stake in Great Eastern.
And in mid-March, Singapore Life Holdings (Singlife) became a fully owned unit of Sumitomo Life Insurance Company after the deal was given the go-ahead from regulators in Singapore and Japan.
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Sumitomo Life had acquired Singlife from TPG Inc, for $1.6 billion, a 35% stake in the insurer.
Follow The Edge Singapore’s coverage of Allianz and Income Insurance:
- May 23: Singapore’s Income Insurance considering partnerships or stake sale
- July 17: Allianz offers $40.58 per Income share, representing premium of 37.3% over NAV
- July 25: NTUC Enterprise says it remains ‘fully committed’ to Income Insurance in clarification statement
- July 30: NTUC Enterprise issues further clarification statement, stresses its commitment to Income Insurance
- Aug 3: Income Insurance: open letter, global backdrop, redeemable and irredeemable shares
- Aug 4: NTUC Enterprise explains the difference between redeemable and irredeemable shares to former CEO
- Aug 5: Former NTUC Income and NTUC Enterprise CEO rebuts NTUC Enterprise’s points
- Aug 6: Income-Allianz deal saga: From a minority shareholder’s perspective
