Allianz-Income merger in limbo as parties weigh new rules

A CEO said there is no guarantee that any transaction will take place.

Allianz and Income Insurance continue to explore potential modifications to their proposed acquisition deal, initially announced in July, both said in a local bourse filing.

The parties are actively reviewing the implications of a recent Ministerial Statement by Edwin Tong, which addresses regulatory concerns and amendments to the Insurance Act of 1966.

As of the latest update on 14 November, both Allianz, Income Insurance, and NTUC Enterprise Co-operative are in ongoing discussions to address these regulatory issues. 

“These discussions are still ongoing and there is no guarantee that any transaction will take place. Income Insurance will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulations,” Income Insurance CEO Andrew Yeo said in the filing.

Income Insurance has advised its shareholders and bondholders to exercise caution when dealing with the company's securities and to seek professional advice if needed.