Germany's Allianz plans to buy majority stake in Singapore's Income Insurance

Germany's Allianz plans to buy majority stake in Singapore's Income Insurance

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File photo

German insurer Allianz said on Wednesday that it was planning to buy a majority stake in Singapore’s Income Insurance for about $1.6 billion to strengthen its foothold in Asia.