Income Insurance to maintain strong market position: S&P

However, upcoming accounting changes and business expansion may pose risks.

Despite Allianz’s withdrawal, Income Insurance is expected to sustain satisfactory capitalisation aligned with its risk profile and strong position in the Singapore market, S&P Global Ratings said.

Management is likely to focus on strengthening its domestic business and exploring overseas opportunities through insurance-related services. 

However, market volatility, high-risk asset exposure, and uncertainties surrounding upcoming accounting changes and business expansion may pose risks to earnings and capitalization.

S&P also expects that the insurer will maintain solid business franchise in the domestic insurance market over the next two years.