Income Insurance Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/income-insurance/ Tue, 15 Oct 2024 04:42:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Allianz, NTUC Enterprise and Income to review government’s objections to the deal https://insuranceasianews.com/allianz-ntuc-enterprise-and-income-to-review-governments-objections-to-the-deal/ Tue, 15 Oct 2024 04:42:04 +0000 https://insuranceasianews.com/?p=164781 Allianz said it will consider revisions to the proposed transaction structure, while the government clarified that it is open to future new proposals if its concerns are addressed.

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Allianz, Income Insurance and its parent NTUC Enterprise said they are reviewing the Singapore government's objection to the proposed merger.
In response to the government blocking the German insurer'...

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]]> Singapore government rejects Allianz-Income deal https://insuranceasianews.com/singapore-government-rejects-allianz-income-deal/ Mon, 14 Oct 2024 06:01:02 +0000 https://insuranceasianews.com/?p=164721 "The government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed," minister Edwin Tong told parliament today.

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The Singapore government has intervened to stop Allianz’s proposed acquisition of local insurer Income, according to a report by Singapore's business media CNA.
"The government has assessed the propos...

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]]> MAS defends Allianz’s US$1.6bn cash offer for Income Insurance: report https://insuranceasianews.com/mas-defends-allianzs-us1-6bn-cash-offer-for-income-insurance-report/ Tue, 06 Aug 2024 11:00:34 +0000 https://insuranceasianews.com/?p=159889 The regulator's incoming deputy chairman Chee Hong Tat said during a parliamentary session that the central bank was satisfied with the process around the deal and that the potential deal won't adversely impact competition.

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The Monetary Authority of Singapore (MAS) said the central bank was satisfied with the process around Income Insurance entering the SG$2.2 billion (US$1.6 billion) deal with Allianz, according to a Bl...

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]]> Income parent assures of commitment to Singaporeans amid backlash over Allianz deal https://insuranceasianews.com/income-parent-assures-of-commitment-to-singaporeans-amid-backlash-over-allianz-deal/ Fri, 26 Jul 2024 09:56:00 +0000 https://insuranceasianews.com/?p=159104 Chairman of NTUC Enterprise, the largest shareholder, said that the US$1.6bn Allianz' offer will not alter its "social commitments", and that it will continue to be an active shareholder.

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Income Insurance will continue to provide affordable and accessible insurance options to lower-income customers and the underserved following Allianz Europe’s SG$2.2 billion (US$1.6 billion) voluntary...

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]]> Allianz’s acquisition of Income is unlikely to change Singapore’s market landscape: Fitch https://insuranceasianews.com/allianzs-acquisition-of-income-is-unlikely-to-change-singapores-market-landscape-fitch/ Mon, 22 Jul 2024 22:40:19 +0000 https://insuranceasianews.com/?p=158656 The proposed acquisition is expected to strengthen Allianz’s presence in Asia and to elevate it from the ninth to the fourth-largest composite carrier by insurance revenue in the region.

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Allianz's deal to acquire Singapore’s Income Insurance is unlikely to materially change the competitive landscape of the country’s insurance market, according to a report by Fitch Ratings.
The transac...

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]]> Income to benefit from Allianz’s global expertise and potential synergies: Fitch https://insuranceasianews.com/income-to-benefit-from-allianzs-global-expertise-and-potential-synergies-fitch/ Fri, 19 Jul 2024 10:04:14 +0000 https://insuranceasianews.com/?p=158508 The proposed acquisition is fully in-line with Allianz’s strategic objectives to grow inorganically in property and casualty, the rating agency said.

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Allianz Europe’s plans to acquire a majority stake in Singaporean insurer Income Insurance help it grow inorganically in property and casualty (P&C), apart from strengthening its business profile ...

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]]> Allianz makes US$1.6bn offer for 51% of Singapore’s Income Insurance https://insuranceasianews.com/allianz-makes-an-offer-for-51-of-income-insurance/ Wed, 17 Jul 2024 06:11:51 +0000 https://insuranceasianews.com/?p=158307 The offer is subject to the approval of the shareholders of Income Insurance for the amendments to the constitution and the proposed name change.

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Allianz Europe has made a pre-conditional voluntary cash general offer to acquire an at least 51% stake of Singaporean insurer Income Insurance on July 17.
Allianz intends to offer SG$40.58 per share ...

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]]> Income Insurance on S&P CreditWatch negative on potential government support dilution https://insuranceasianews.com/income-insurance-on-sp-creditwatch-negative-on-potential-government-support-dilution/ Mon, 24 Jun 2024 04:03:51 +0000 https://insuranceasianews.com/?p=156616 The CreditWatch followed news that the Singapore government-backed insurer is in talks with Allianz for a stake sale.

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Singaporean carrier Income Insurance's ratings has been put on CreditWatch with negative implications by S&P Global, reflecting the high uncertainty surrounding potential changes to the insurer’s ...

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]]> Singapore’s Income Insurance confirms buyout talks with Allianz https://insuranceasianews.com/allianz-to-buy-stakes-in-singapores-income-insurance/ Sun, 16 Jun 2024 23:00:15 +0000 https://insuranceasianews.com/?p=156096 An application for the partnership has been filed with the Monetary Authority of Singapore, reports say.

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Allianz is discussing a potential transaction related to the shares of Singapore's Income Insurance, according to a press release. 

However, there is no assurance that any transaction will mate...

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]]> Income Insurance exploring strategic options for APAC expansion: Bloomberg https://insuranceasianews.com/income-insurance-exploring-strategic-options-for-apac-expansion-bloomberg/ Wed, 22 May 2024 02:44:50 +0000 https://insuranceasianews.com/?p=154353 The Singaporean insurer had provided liquidity to almost 16,000 shareholders for holdings worth US$619m through a private exchange listing last month.

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Singapore’s Income Insurance is exploring stake sale or partnerships as it looks to expand across Asia Pacific, according to a Bloomberg report quoting people familiar with the matter.
The report said...

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