A representative for Income Insurance declined to comment, but said the company is always open to exploring strategic growth opportunities.
Established in 1970, Income Insurance serves about 1.7 million customers in Singapore and is designated by the regulator as one of four systemically important insurers in the country. It offers services in areas such as life, health, travel and home insurance, as well as savings and investments.
Recent deals involving Singapore’s insurance sector include Oversea-Chinese Banking Corp earlier this month offering $1.4 billion to buy the rest of Great Eastern Holdings that it doesn’t already own. In December 2023, Sumitomo Life Insurance agreed to buy TPG’s stake in Singapore Life Holdings to bolster its presence in Southeast Asia.
Follow The Edge Singapore’s coverage of Allianz and Income Insurance:
See also: LMS Compliance completes acquisition of 75% stake in Anchor Technology Holdings
- June 14: Income Insurance and Allianz hold 'transaction' talks, latest possible Singapore insurance M&A
- July 17: Allianz offers $40.58 per Income share, representing premium of 37.3% over NAV
- July 25: NTUC Enterprise says it remains ‘fully committed’ to Income Insurance in clarification statement
- July 30: NTUC Enterprise issues further clarification statement, stresses its commitment to Income Insurance
- Aug 3: Income Insurance: open letter, global backdrop, redeemable and irredeemable shares
- Aug 4: NTUC Enterprise explains the difference between redeemable and irredeemable shares to former CEO
- Aug 5: Former NTUC Income and NTUC Enterprise CEO rebuts NTUC Enterprise’s points
- Aug 6: Income-Allianz deal saga: From a minority shareholder’s perspective
