Allianz said it had made an offer to acquire at least 51% of the shares in Income Insurance at 40.58 Singapore dollars (€27.70) per share, for a total transaction value of 2.2 billion Singapore dollars.

The deal would boost its presence in the “fast-growing and attractive” Singapore insurance market, Allianz said, adding that Income Insurance served around two million policyholders across a range of property, health and life insurance products.

The transaction, subject to regulatory approval, is expected to close at the end of 2024 or in the first quarter of 2025.

“This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region,” said Renate Wagner, member of the board of management at Allianz and responsible for the Asia-Pacific region.

Allianz, which has a presence in almost 70 countries, last year booked a net profit of €8.5 billion euros, up 33% on the year before.