MAS confirms no competitive concerns with Allianz deal

Income's market share in life and general insurance is less than 10%.

The Monetary Authority of Singapore (MAS) is evaluating the Allianz and Income Insurance deal with a focus on ensuring financial soundness and proper governance within the insurance sector. 

The MAS will assess the financial capacity and risk management systems of Allianz before granting approval, ensuring continued protection for Income’s policyholders.

In response to questions during the parliament sitting on 6 August on the impact of the deal on competition and insurance affordability, Minister for Transport and Second Minister for Finance Chee Hong Ta emphasised that the Singapore insurance market remains competitive with over 50 insurers. 

He noted that Allianz’s entry poses no significant competitive concerns and highlighted that Income's market share in life and general insurance is less than 10%.

Chee assured that existing policyholders' contracts would remain unchanged, with both Income and Allianz committed to honouring all obligations. 

The MAS will ensure that these commitments are met, and that robust governance frameworks are maintained post-acquisition. Employee concerns were also addressed, with a call for fair treatment and compliance with employment laws.