Offers 40.58 Singapore dlr per share (Il Sole 24 Ore Radiocor) - Berlin, 17 Jul - The German insurance group Allianz said that it is buying a 51% stake in the Singaporean insurance company Income Insurance for 2.2 billion Singapore dollars (1.5 billion euros).

Allianz is offering to buy Income Insurance share for 40.58 Singapore dollars each.

The German company expects the acquisition to generate a double-digit return on investment in the midterm.

"Asia-Pacific is a strategically important growth region for Allianz, having generated almost 7.7 billion euros in total business volume across its property-casualty and life/health businesses in 2023," Allianz said.

The acquisition is expected to close in the fourth quarter of this year or first quarter of 2025, it added.

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(RADIOCOR) 17-07-24 08:28:23 (0159) 5 NNNN