Income acquisition to give Allianz double-digit ROI, strong home base in S’pore, says CEO

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Allianz in July announced plans to buy a majority stake in Singapore’s Income Insurance.

SINGAPORE - German insurance provider Allianz is expecting a “double-digit return on investment over time” on its acquisition of Income Insurance, said its chief executive Oliver Baete on Aug 8.

“We are recycling the gains out of the US from selling in a sub-scale space to investing into scale in Asean,” Mr Baete said, adding that a majority stake in Income would propel Allianz “from zero to a leadership position in Singapore”. He said Allianz was approached by Singapore to explore combining its capabilities in these segments with Income’s local franchise “to bring Income into the 21st century and make them successful”.

“This is why we are in partnership with NTUC Enterprise. This is not a sell-out. They will be involved and they’ll make sure that the franchise and customer access are available to serve us.”

 

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