Allianz scraps proposed acquisition of Income Insurance, source says

The move would have lifted Allianz to fourth largest composite insurer in Asia, from ninth, but sparked critique in Singapore.Allianz SE has scrapped a proposed $1.5 billion euro acquisition of a 51 per cent stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.

The move would have lifted Allianz to fourth largest composite insurer in Asia, from ninth, but sparked critique in Singapore because of concerns that it would detract from a mission to provide affordable insurance for lower-income workers. The decision will likely be announced publicly in the coming week, the source said, declining to be named. Allianz declined to comment.Income Insurance Ltd, which has around 1.7 million customers and offers life, health, and property insurance, was founded in the 1970s to offer insurance to poorer parts of the population., but remained open to a new deal if its concerns could be addressed, which Allianz said at the time it would attempt to do.

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