(Bloomberg) -- The Singapore government will block a proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in a homegrown...
-- The Singapore government will block a proposed S$2.2 billion deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a public backlash.Chicago Marathon to Honor Kenyan Who Died After His World Record
“We are nonetheless open to any new arrangement which Income may wish to pursue, whether with Allianz or any other partners, so long as the concerns highlighted are fully addressed,” Tong said.The approval of any revised deal will lie with the country’s financial regulator, which will need to take the views of Tong’s ministry into consideration after the government amends a law to do so. The bill will be debated in parliament later this week.
Allianz Chief Executive Officer Oliver Baete is nearing the end of a three-year strategic plan that’s aiming for steady topline growth, better profitability and efficient capital management. He has largely refrained from larger acquisitions, paving the way for share buybacks and higher dividends. Baete is set to unveil new targets at a capital markets day which is scheduled for December.
Income Insurance reported S$60.4 million in profit after tax for the 18 months to December 2023. Its capital buffers have come under pressure during past economic downturns, including the global financial crisis and the Covid-19 pandemic. Over the past decade, the insurer received several capital injections from its majority owner NTUC Enterprise, and also issued subordinated bonds to help bolster its capital position.
Bloomberg Allianz SE Singapore Government Lawrence Wong Edwin Tong Singapore
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