Allianz plans to acquire a 51% stake in Income Insurance for $1.64bn to strengthen its presence in Singapore.

Allianz, Europe's largest insurer, plans to acquire a 51% stake in Singapore's Income Insurance for $1.64bn (S$2.2bn), with an offer of S$40.58 per share. Allianz aims to strengthen its presence in Singapore, a crucial market in Southeast Asia, through this acquisition. The transaction is subject to regulatory approval and NTUC Enterprise Co-operative Ltd will retain a substantial stake in Income Insurance.