FAQs
1. What is the rationale of the transaction? 
- The combination of Income Insurance’s strengths and Allianz’s global capabilities is a strategic move that is expected to create a highly competitive composite insurer in Singapore.
- Income Insurance’s competitive strengths can be further enhanced by integrating its capabilities in distribution, partnership, products and people and leveraging Allianz’s global insurance franchise, asset management capabilities, technical excellence, technology and product development, distribution and reinsurance expertise.
2. Why is the Voluntary General Offer (VGO) pre-conditional? What are the conditions?
- The Offer is subject to regulatory approvals.
- Please refer to Appendix 1 of the Pre-Conditional Offer Announcement for further details.
3. If the pre-conditions are not met, does it mean that the Offer will fail? If the Offer fails, will Allianz be allowed to make another offer?
- If the pre-conditions are not met by 17 April 2025, the Offer will not be formally launched.
- The launch of the formal VGO is subject to regulatory approval on or before 11.59 p.m. on 17 April 2025, being 9 months from the date of the Pre-Conditional Offer Announcement.
- We will make further announcements if and when there are any material developments that warrant disclosure, in compliance with applicable laws and regulations.
- If the Offer is not launched, Allianz may be subject to certain restrictions by the SIC on when it is allowed to make another offer.
4. Is the Offer Price final? Will Allianz increase the Offer Price?
- Adjustments to offer price may be made for any other dividend, right, distribution or return of capital that is announced, declared, paid or made by Income Insurance on or after the Pre-Conditional Offer Announcement Date.
5. Why is this a cash-only Offer? Is there an option to convert Income Insurance shares to Allianz shares?
- As mentioned in the Pre-Conditional Offer Announcement, the Offer will provide minority shareholders the opportunity to fully realise their investment in their shares and to unlock value in their unlisted shares.
- As stated in the Pre-Conditional Offer Announcement, the Offer Price represents a premium of 37.3% over the NAV per share of S$29.55 as at 31 December 2023. (NAV per Share before the declaration and payment of the final dividend of S$0.334 per Share for the financial period from 1 July 2022 to 31 December 2023, and a special dividend of S$0.313 per Share for the financial period from 1 July 2022 to 31 December 2023. The abovementioned dividends were paid by the Company on 18 to 19 June 2024.)
- Shareholders who wish to remain invested in Income Insurance do not need to accept the Offer.
6. Has the Independent Financial Adviser (IFA) been appointed? Who is the IFA?
- The directors of the Company who are considered independent for the purpose of the Offer will appoint an IFA to advise such directors, in respect of the Offer.
- Appropriate announcements relating to the appointment of the IFA and the views of the IFA and the independent directors will be set out in the Composite Document which will be despatched to shareholders if a formal VGO is made.
7. What is the indicative timeline of the deal?
- The launch of the offer is subject to regulatory approval on or before 11.59 p.m. on 17 April 2025 falling 9 months from the date of this announcement, as set out in the Pre-Conditional Offer Announcement.
- We will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulation.
8. Will the transaction change Income Insurance’s social purpose?
- As mentioned in the media release statement by Allianz Asia Pacific, Allianz plans to keep supporting Income Insurance’s ongoing commitments and intends to continue:
- participating in national insurance programmes
- Income Insurance’s existing pledge of S$100 million over 10 years from 2021 to promote social mobility among the low-income, support the well-being of seniors, and champion environmental causes.
9. How would the transaction impact my policies? Will my policy benefits be worse off?
- As mentioned in the media release statement and the Pre-Conditional Offer Announcement by Allianz, Allianz intends for Income Insurance to continue to honour the terms of the existing policies underwritten by Income Insurance and ensure a seamless transition with no impact on policyholders.
10. Will Income Insurance continue to offer Integrated Shield Plans post transaction?
- Yes, Income Insurance will continue to offer Integrated Shield Plans.
- As mentioned in the media release statement by Allianz, Allianz intends for Income Insurance to continue participating in national insurance programmes.
11. Will I be able to purchase products offered by Allianz through my existing agent?
- More details will be communicated at a later date, if and when the transaction is completed.
12. Will there be a change in my insurance agent as a result of the transaction?
- There will be no change to your insurance agent as a result of the transaction.
13. Will the Phillip Securities Pte Ltd (“PSPL”) / Alta platform continue to operate?
- As stated in the Pre-Conditional Offer Announcement, Allianz intends that Income Insurance will discontinue the support for the trading of the Shares on Alta. Based on discussions with Alta, we understand the trading of Income shares on Alta Exchange will cease on/around 17th October 2024.
- If you have appointed PSPL as your custodian, this relationship will continue unless you decide to terminate it. Please speak to PSPL to enquire about the termination process should you wish to do so.
14. PSPL is now the custodian of my Income Insurance shares. Can I change my mind and withdraw my shares from PSPL?
- We are unable to respond on behalf of PSPL. Shareholders will need to contact PSPL on this matter if they have entered into any agreement with PSPL in relation to PSPL’s custodian services.
15. Can I still sell my Income Insurance shares now? How can I do so?
- Shareholders have the option to sell their Income Insurance shares to a willing buyer at a price to be agreed between the parties.
- However, shareholders are advised to exercise caution when dealing in Income Insurance shares and to refrain from taking any action in respect of the shares which may be prejudicial to their interests. Shareholders are advised to read the announcements by Income Insurance carefully.
- In the event that shareholders wish to deal in the shares, they should seek their own professional advice.
- We will make further announcements if and when there are any material developments which warrant disclosure, in compliance with applicable laws and regulations.
