Allianz: majority stake in Singapore insurer
The German group explains that it plans to offer 40.58 Singaporean dollars for each share of Income Insurance, which is active in property-casualty, health and life insurance.
The entity, which distributes its products via a network of agents, financial professionals and bancassurers, but also through a direct sales model, has around two million policyholders.
In a press release, Allianz explains that this acquisition of a majority stake will enable it to strengthen its position in Singapore, an attractive, fast-growing economy with a strong focus on the financial sector.
The operation, which is expected to be completed in late 2024 or early 2025, should generate double-digit profitability over the medium term, according to Allianz.
The Group points out that Asia-Pacific is, in general, a strategically important region, with a business volume of 7.7 billion euros last year.
On the Frankfurt Stock Exchange, Allianz shares were down 0.5% on Wednesday following this announcement.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Go to the original article.
Contact us to request a correction