German insurer Allianz has withdrawn its offer to acquire at least 51% of Singapore's Income Insurance for about $1.63 billion, the company said in a statement on Monday. Reuters reported on Dec. 13 that the insurer had scrapped the proposed acquisition.

The German insurer remains convinced it is the right partner to support Income’s continued growth. Read more at straitstimes.com.

Allianz SE withdrew an offer to buy a majority stake in Singapore insurer Income Insurance Ltd. for about S$2.2 billion ($1.7 billion), following public backlash to the deal.

Allianz said that it is withdrawing a preconditional offer made in July for a 51% stake in the insurer, adding that it respects a decision by the Singapore government against the transaction.

German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance.

SINGAPORE: Global insurance giant Allianz, through its subsidiary Allianz Europe B.V., has officially withdrawn its pre-conditional voluntary cash general offer to acquire at least 51% of Income Insurance. The decision comes in response to recent changes to the Insurance Act announced by the Singapore Government on 14 Oct.

Bajaj Allianz General Insurance, a leading private general insurer in India, has announced the launch of two innovative motor insurance add-on covers: Eco Assure - Repair Protection and Named Driver Cover.

The decision comes after public outcry and government scrutiny over the importance of balancing commercial interests with social responsibility.

German insurance giant Allianz has withdrawn a $1.6 billion takeover offer for Singapore's Income Insurance following resistance from the South-East Asian country's government, the Munich-based company said on Monday.

Sources familiar with the matter told Bloomberg. Allianz is reportedly close to abandoning its planned $1.63b acquisition of a 51% stake in Singapore’s Income Insurance following public backlash and government concerns,