Allianz to Buy 51% Share in Singapore's Income Insurance for $1.64 Billion
By Ian Walker
Allianz is buying a 51% stake in Singapore insurance company Income Insurance for 2.2 billion Singapore dollars ($1.64 billion) as it expands in the region.
The German insurer said Wednesday that it is offering to buy each Income Insurance share for S$40.58.
Allianz said the acquisition is expected to generate a double-digit return on investment in the midterm.
"Asia-Pacific is a strategically important growth region for Allianz, having generated almost 7.7 billion euros ($8.39 billion) in total business volume across its property-casualty and life/health businesses in 2023," Allianz said.
The acquisition, dependent on regulatory approval, is expected to close in the fourth quarter of this year or first quarter of 2025.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 17, 2024 01:53 ET (05:53 GMT)
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