Allianz confirms withdrawal of offer for Income Insurance

ALLIANZ said it has withdrawn its pre-conditional offer to buy at least 51 per cent of the shares in Income Insurance.

“We respect the Singapore government’s decision,” Renate Wagner, the Allianz board member responsible for Asia-Pacific, said in a statement on Monday (Dec 16).

Singapore’s government announced at a Parliament sitting on Oct 14 reasons why the transaction could not proceed on its current terms.

Allianz said it remains committed to Singapore in the long term, given its high conviction in the potential of the city-state’s insurance market.