Germany’s Allianz announced on Wednesday its plan to purchase a majority stake in Singapore’s Income Insurance for around $1.6 billion. Allianz will offer 40.58 Singapore dollars per share, totaling 2.2 billion Singapore dollars ($1.64 billion).
This move comes amid consolidation and increased deal activity in Singapore’s insurance sector. Allianz stated, “This majority stake is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market.”