Income, Allianz in talks on tie-up; seeking MAS nod

Experts expect German insurer to tap Income’s strong market presence here

- Joyce Lim

Home-grown Income Insurance is in talks to enter a partnership with German insurer Allianz, with the latter expected to acquire a significant stake in Income, The Straits Times has learnt.

An application for the partnership has been filed with the Monetary Authority of Singapore (MAS) and the regulator has requested more information, sources with knowledge of the matter told ST.

When asked if the proposed partnership has been approved, a spokesman for MAS said it “does not comment on specific regulatory approvals”.

In a statement posted on its website on June 14, Income confirmed it is in talks with Allianz on a “transaction relating to the shares of Income Insurance”.

“Income Insurance wishes to emphasise that there is no assurance that any transaction will materialise, or that any definitive or binding agreement will be reached,” it added.

An Allianz spokesman said: “Allianz remains committed to the Singapore market, and we are not exiting Singapore.”

The firm has a composite licence from MAS to do both life and general insurance, but it has not sold any life insurance policies to date, ST understands.

Industry experts interviewed by ST said they expect Allianz to tap Income’s strong market presence and established customer base here to benefit from the proposed partnership.