SINGAPORE - The home-grown Income Insurance is in talks to enter a partnership with the German insurer Allianz, with the latter expected to acquire a significant stake in Income, The Straits Times has learnt.
In a statement posted to its website on June 14, Income confirmed it is in talks with Allianz on a “transaction relating to the shares of Income Insurance”. Asked about the possible impact on policyholders, Mr Adrian Peh, chief executive of financial advisory firm Synergy Financial Advisers, expressed trust in MAS, saying that regulators always prioritise clients’ interests in business mergers and acquisitions.
An insurance industry veteran, who spoke to ST on condition of anonymity, noted that in the pursuit of operational and cost efficiencies, there could be duplicate roles and functions across both companies following such a partnership, if it goes through. A market report by research and corporate finance firm Zero One said Income serves more than 1.7 million Singaporeans with its insurance products, including those for life, general and health insurance.
GIA’s data also showed Allianz Insurance Singapore bled the most among 40 insurers, with underwriting losses totalling about $21.7 million in 2023, while Income posted an underwriting profit of about $69 million that year.
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