Singapore’s Income Insurance Weighs Partnerships or Stake Sale for APAC Expansion

By , and | May 24, 2024

Singapore’s Income Insurance Ltd. is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, according to people familiar with the matter.

While Income Insurance has received interest from industry peers, considerations are preliminary and may not lead to a transaction, the people said, asking not to be identified because the matter is private.

A representative for Income Insurance declined to comment, but said the company is always open to exploring strategic growth opportunities.

Established in 1970, Income Insurance serves about 1.7 million customers in Singapore and is designated by the regulator as one of four systemically important insurers in the country. It offers services in areas such as life, health, travel and home insurance, as well as savings and investments.

Recent deals involving Singapore’s insurance sector include Oversea-Chinese Banking Corp. earlier this month offering S$1.4 billion ($1 billion) to buy the rest of Great Eastern Holdings Ltd. that it doesn’t already own. In December, Sumitomo Life Insurance Co. agreed to buy TPG Inc.’s stake in Singapore Life Holdings Pte to bolster its presence in Southeast Asia.

Photograph: Singapore skyline; photo credit: Lauryn Ishak/Bloomberg

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