Allianz Takeover of Income Insurance in Singapore Rejected

The Singaporean government has decided that it is not in the public interest to allow the German insurance giant Allianz to acquire a majority stake in Income Insurance for approximately 1.6 billion US dollars. This was reported by Channel News Asia, citing statements made by the Minister for Culture, Community, and Youth, Edwin Tong, in Parliament. The deal, initially proposed by Allianz in July, was part of the German company's efforts to strengthen its position in Asia. However, concerns arose in the city-state that Allianz might neglect NTUC Income's social mission. This mission involves providing affordable insurance for low-income workers. In addition to preserving the social values of NTUC Income, there was concern that Allianz's transnational expansion could come at the expense of local interests. The government remains committed to protecting social cohesion and the interests of the people in Singapore.