Allianz to Buy Income Insurance in $1.6 Billion Asia Push (2)

Allianz SE agreed to buy a majority stake in Singapore’s Income Insurance Ltd. for about S$2.2 billion ($1.6 billion) to strengthen its presence in Asia.

The German company plans to acquire at least 51% of Income Insurance for S$40.58 a share, it said in a statement from Munich Wednesday, confirming an earlier Bloomberg News report. NTUC Enterprise Co-operative Ltd. will retain a substantial stake in Income Insurance.

Allianz said the deal will turn it into the fourth-largest composite insurer in Asia, adding a household name in Singapore that distributes a full range of life and non-life products. Chief Executive Officer ...