Allianz withdrew its offer to acquire a 51% stake in Income Insurance for $1.6bn.

Allianz, a multinational financial services company, withdrew its offer to acquire a 51% stake in Income Insurance, a composite insurer based in Singapore, offering life, health and general insurance, for $1.6bn. "We respect the Singapore Government’s decision. We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers. We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success," Renate Wagner, Allianz Member of the Board of Management.