Bulletin: Allianz Insurance Singapore To Remain Supported After Group's Proposed Integration Plan

SINGAPORE (S&P Global Ratings) July 19, 2024-- Allianz SE's proposed expansion in Singapore remains supportive of the group status of its subsidiary, Allianz Insurance Singapore Pte. Ltd. (AIS). In our view, the proposed acquisition, announced on July 17, 2024, highlights Allianz SE's increasing focus on Singapore as it looks to expand in Southeast Asia. If Allianz group's proposal to acquire a majority shareholding in Income Insurance Ltd. is approved, the group intends to integrate the AIS business within the proposed new entity, which would be rebranded into Allianz Income Insurance Singapore. The group would carry out the proposed integration through a scheme of transfer or amalgamation, with all stated conditions being met. It is also subject to the approval of

...July 19, 2024 SINGAPORE (S&P Global Ratings) July 19, 2024-- Allianz SE's proposed expansion in Singapore remains supportive of the group status of its subsidiary, Allianz Insurance Singapore Pte. Ltd. (AIS). In our view, the proposed acquisition, announced on July 17, 2024, highlights Allianz SE's increasing focus on Singapore as it looks to expand in Southeast Asia. If Allianz group's proposal to acquire a majority shareholding in Income Insurance Ltd. is approved, the group intends to integrate the AIS business within the proposed new entity, which would be rebranded into Allianz Income Insurance Singapore. The group would carry out the proposed integration through a scheme of transfer or amalgamation, with all stated conditions being met. It is also subject to the approval of regulators and shareholders. AIS (A+/Stable/--) remains a strategically important subsidiary of the Allianz group. Our 'A+' ratings on the insurer continue to reflect the extent of support we expect from the group....

Bulletin