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Fortune

Lionel Lim

Singapore hits brakes on $1.7 billion Allianz deal for onetime insurance cooperative after it sparks public outcry

Allianz Insurance Singapore Edwin Tong

(Credit: Cristina Arias—Getty Images)

Singapore’s government made a rare intervention in a merger deal, stepping in to block a controversial $1.7 billion deal by Germany’s Allianz to buy Income Insurance, a cooperative-turned-company.

On Monday, Singapore’s government decided to block the deal until Allianz addressed some of its concerns, including whether Income Insurance will be able to continue its social mission.

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