Allianz withdraws pre-conditional offer for Income Insurance while confirming its long-term commitment to Singapore

• Allianz withdraws the pre-conditional voluntary cash general offer to acquire majority stake in Income Insurance Limited (Income Insurance) originally announced on July 17
• This follows the Singapore Government’s announcement on October 14, 2024, expressing its views on why the transaction should not proceed on its present terms and the subsequent changes to the Insurance Act
• Allianz has high conviction in the potential of the Singapore insurance market and looks forward to playing an active part in its continued growth
• Allianz will continue to broaden the strengths and prospects of its existing operations across the Asia-Pacific region

Singapore, December 16, 2024

In light of the Singapore Government’s announcement during the parliament sitting on
October 14 and subsequent changes to the Insurance Act, Allianz today – through its wholly owned subsidiary Allianz Europe B.V. – announced it has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51 percent of the shares in Income Insurance. Allianz’s offer was announced on July 17, 2024.

Allianz remains convinced it is the right partner to support Income Insurance’s continued growth and its strategic mission for the benefit of Singapore’s people, but the decision to withdraw its offer at this time underscores Allianz’s financial discipline. The extensive discussions which Allianz and Income Insurance have had over the last months have further highlighted the shared values between the two groups.

With 7.7 billion euros in Total Business Volume across its Property-Casualty and Life/Health retail insurance businesses in 2023, the Asia-Pacific region is a strategically important growth area for Allianz and Singapore as the regional financial services hub of Southeast Asia will continue to remain an important market for Allianz. “We have full confidence in the future strength and potential of our existing operations across the region, and we look forward to continuing to deliver exceptional value to our customers and partners across Asia-Pacific, adds Renate Wagner.