NTUC Enterprise has stated that Allianz’s acquisition of Income Insurance will significantly enhance its ability to meet long-term policyholder commitments. The deal is set to provide Income Insurance with Allianz’s global insurance network, advanced technology, and asset management expertise.
Income Insurance has struggled with competitive losses in bancassurance and other sectors, highlighting the need for strong capital support. The merger is expected to improve its market position by combining its strengths with Allianz’s global capabilities.
Lim from NTUC Enterprise reassured that financial sustainability and social responsibility remain core values. The acquisition aims to reinforce Income Insurance’s role as a competitive and socially responsible insurer in Singapore.