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Trending: Allianz to Buy Controlling Stake in Singapore's Income Insurance

0944 GMT - Allianz is among the most mentioned companies across news items over the past six hours, according to Factiva data. The German insurer offered to buy a controlling stake in Singapore's Income Insurance, expanding its presence in the Asia-Pacific region. Allianz paid 2.2 billion Singapore dollars ($1.64 billion) for a 51% stake in the company. The deal materially improves the reach and capabilities of the insurer in the region, lifting it to being the fourth largest composite player in Asia--after AIA, AXA and Chubb--from the 9th previously, Jefferies analysts write in a note to clients. Allianz shares, which have gained 8.2% year to date, edge down 0.6% to EUR261.70. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)

 

(END) Dow Jones Newswires

July 17, 2024 06:00 ET (10:00 GMT)

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