Allianz said in July it planned to buy at least 51% of Income Insurance in a deal that would elevate the German company to fourth spot among composite insurers in Asia, up from ninth. The transaction ignited criticism after it was announced, with many in Singapore complaining how it could lead to higher insurance premiums and betrays Income’s roots to help middle to lower-income Singapore workers.
The Singapore government said in October that it wouldn’t be in the public interest to allow the deal to proceed in its current form. Allianz said at the time it would work closely with relevant stakeoholders to consider revisions to the transaction structure.
No final decisions have been made, and Allianz could still opt to continue pursuing a deal, the people said. A representative for Allianz declined to comment. Calls to Income Insurance weren’t answered outside regular business hours in Singapore.
