No guarantee Income deal will take place, discussions ongoing: Allianz
The Straits Times|November 15, 2024
German insurer Allianz has said it is still figuring out the next steps, in reference to its now-stalled deal to buy a majority stake in local insurer Income Insurance.
Claire Huang

The firm has had various discussions on amendments to the proposed deal in the past month and these are still ongoing, Allianz said in a statement posted on the Singapore Exchange (SGX) on Nov 14.

"There is no guarantee that any transaction will take place" and further announcements will be made when appropriate, it added.

Allianz has until mid-April 2025 to come back with a new proposal before its planned move to buy a major stake in Income lapses under transaction rules.

Income also issued a statement on SGX, making similar points.

The statements on SGX come a month after the two insurers and Income's key shareholder NTUC Enterprise were caught by surprise when they were sent back to the drawing board by the Singapore Government.

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