German insurer Allianz (ALVG.DE), opens new tab said on Wednesday that it was planning to buy a majority stake in Singapore’s Income Insurance for about $1.6 billion to strengthen its foothold in Asia.
The offer by Allianz, one of Europe’s most valuable financial firms in terms of its market capitalisation, for a stake of at least 51% is its largest acquisition in Asia and its biggest deal in three years.
It comes as the insurance sector in Singapore is experiencing consolidation and increased deal activity.
Source: REUTER
