Singapore Income Insurance Possible Tie-up

Income Insurance is currently “in discussion” with European insurer Allianz on a transaction relating to Income’s shares. The two insurers are in talks about a possible tie-up, which could see Allianz buying a stake in Income, or a partnership agreement.

Income was exploring options to expand across the Asia-Pacific region. Income said that there is no assurance that any transaction will materialize 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.

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.