Allianz has introduced plans to accumulate a majority stake in Singapore’s Earnings Insurance coverage via its subsidiary, Allianz Europe B.V.
The pre-conditional voluntary money common supply goals to buy at the very least 51 p.c of Earnings Insurance coverage’s shares, pending regulatory approval.
Allianz‘s supply of S$ 40.58 per share values the 51 p.c stake at roughly SG$ 2.2 billion (EUR 1.5 billion).
Earnings Insurance coverage, a well-established title in Singapore, serves round 2 million policyholders with a complete vary of property-casualty, well being, and life insurance coverage merchandise.
These are distributed via brokers, monetary advisors, bancassurance, and direct channels.
Allianz stated that this acquisition is predicted to considerably increase its presence in Singapore, elevating it to one of many largest composite insurers in Asia.
The acquisition leverages Allianz’s experience in underwriting, product growth, and knowledge analytics, mixed with Earnings Insurance coverage’s robust market attain and distribution capabilities.
The Asia-Pacific area stays a strategic progress space for Allianz, producing almost EUR 7.7 billion in Whole Enterprise Quantity throughout property-casualty and life/well being companies in 2023.
The transaction is anticipated to yield a double-digit Return on Funding (ROI) for Allianz within the mid-term, with closing anticipated in late 2024 or early 2025.
Renate Wagner
“We stay up for partnering with Earnings Insurance coverage, a number one insurer that shares Allianz’s values and dedication to buyer excellence.
This proposed transaction brings two robust companies collectively for the advantage of Singapore’s clients and solidifies Allianz’s management place within the area.”
stated Renate Wagner, Member of the Board of Administration of Allianz and liable for the Asia-Pacific area.
Featured picture credit score: Edited from Freepik
