Munich-based Allianz has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51% of Singapore’s Income Insurance after the city-state’s government rejected the transaction. The SGD2.2bn (USD1.6bn) deal was declined in October due to concerns including substantial capital reduction and doubts over Income’s capacity to serve local workers as one of Singapore’s four systematically important insurers. Although withdrawing, Allianz remains confident of its ability to support Income Insurance’s strategic mission and serve Singapore’s population. The German insurer regrets having to make this move but will continue to support the local insurance market’s growth. Asia Pacific remains a strategic region for Allianz. Singapore, serving as the group’s Southeast Asian hub, remains central to its regional growth plans, supported by stable market conditions.