Allianz SE has acquired a 51% stake in Income Insurance Ltd. for SGD 2.2 billion to strengthen its position in Singapore's burgeoning insurance market.

Information on the Target

Income Insurance Ltd. is a prominent insurance provider in Singapore, specializing in life, health, travel, and car insurance, as well as retirement and investment plans. Founded in 1970 and headquartered in Singapore, the company has established itself as a leader in the Southeast Asian insurance market, serving a diverse clientele across Singapore, Malaysia, Indonesia, and Vietnam. With over US$43 billion in assets under management, Income Insurance holds a significant market presence, capturing 5.6% of the general insurance market and 7.2% of the life insurance segment as of 2022.

Under the leadership of CEO Andrew Yeo since June 2019, Income Insurance has developed a robust distribution network and customer service capabilities that are critical to its operations. Employing over 2,400 individuals, the company has demonstrated a consistent revenue stream, with latest figures reporting an LTM revenue of US$4.6 billion and an EBITDA of US$132 million. This solid financial foundation positions Income Insurance as an attractive target for strategic acquisition.

Industry Overview in Singapore

The insurance industry in Singapore is integral to the nation's financial services sector. Singapore's strategic location and advanced regulatory framework have cultivated a solid insurance market that supports both local and international players. In recent years, the count