Allianz Withdraws $1.63 Billion Equity Offering in Income Insurance

German financial services giant Allianz has withdrawn its offer to acquire a 51% stake in the Singapore-based insurance company Income Insurance. This decision was made following opposition from the Singapore government regarding the deal.

Allianz announced on Monday that it has retracted its bid for a majority stake in Income Insurance, which was initially presented in July. The offer, valued at 2.2 billion Singapore dollars (approximately 1.63 billion dollars), was part of Allianz's strategy to expand its presence in the Asian market.

Allianz board member Renate Wagner expressed her disappointment with the outcome, stating, "We are sorry to have to make this decision." She emphasized her belief in the potential benefits of the merger, saying, "We still believe that the combination of Allianz and Income Insurance would result in a strong partnership that would benefit Income Insurance's policyholders and a growing share of Singapore's customers."

Despite this setback, Allianz confirmed that it respects the Singapore government's stance and will not pursue the transaction further. This decision marks the end of Allianz's attempt to strengthen its presence in Singapore through the acquisition of Income Insurance.