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Bond Market News
Allianz Cancels 51% Stake Acquisition in Singapore’s Income Insurance
December 16, 2024
German insurer Allianz canceled its plan to acquire a 51% stake in Singapore’s Income Insurance Ltd (formerly NTUC Income) for S$2.2bn due to public opposition. The acquisition was criticized for potentially undermining Income Insurance’s social mission of providing affordable insurance to lower-income workers. If successful, the deal would have made Allianz the fourth-largest composite insurer in Asia, up from ninth. Earlier in October, Singaporean officials, including Prime Minister Lawrence Wong, opposed the acquisition, citing concerns over the social impact and the handling of Income Insurance’s significant cash reserves of approximately S$2bn. Allianz had announced the bid in July 2024, but the public backlash led to the abandonment of the deal.
Allianz’s bonds traded stable, with its USD 3.2% Perp at 87.4, yielding 7.56%.
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