Allianz makes a purchase in Singapore for the equivalent of 1.5 billion euros.

The Munich-based insurance giant is offering around 2.2 billion Singapore dollars for 51 percent of Income Insurance, one of the four companies in the industry in the Asian city state that is considered systemically relevant. According to a statement issued by Allianz on Wednesday, this would enable it to rise from the ninth to the fourth largest composite insurer in Asia. Founded in 1970, Income Insurance claims to have around 1.7 million customers in Singapore and offers both property and life and health insurance. It generated gross premiums of 3.75 billion Singapore dollars in 2023.

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