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German insurance giant Allianz withdrew its bid to acquire a majority stake in Income Insurance, a Singapore-based insurance company, on Monday. Income Insurance confirmed in a separate statement that Allianz withdrew its bid.

The proposed acquisition has been hanging in the balance since October, after Singapore’s government said it would block the deal in the form that was initially proposed. But the withdrawal formally ends a deal that stirred passionate public discussions over whether a foreign insurer should be taking over a Singaporean company with a social mission.

Earlier this year, Allianz, ranked No. 82 on the Global 500, offered to acquire a 51% stake in Income Insurance. The deal, valued at 2.2 billion Singapore dollars ($1.63 billion), was announced on July 17, and would have made Allianz the fourth-largest insurer in Asia.

But the proposed deal quickly drew public backlash, including from high-profile Singaporeans. At the heart of the outcry was Income Insurance’s role in Singaporean society and its roots as a cooperative. On Oct. 14, Singapore’s government called off the deal, citing concerns over the proposed structure and Income’s ability under Allianz to continue its social mission.

What was the debate?

Income Insurance was launched as a cooperative in 1970, and was founded to fill the need for affordable insurance in Singapore. The insurer was corporatized in 2022, but almost 73% of the firm is owned by NTUC Enterprise, a holding cooperative.

When Income changed its status, the government allowed it to move a surplus worth 2 billion Singapore dollars ($1.48 billion) to the new corporate entity, rather than be donated to the country’s “Cooperative Societies Liquidation Account,” a pool of money used to support the broader co-op movement.

Yet when Allianz offered to buy Income Insurance, it agreed to pay out almost $1.4 billion over three years to shareholders. That raised eyebrows in Singapore’s government.

“The proposed capital reduction runs counter to the premise on which the exemption was given,” said Edwin Tong, Singapore’s minister of culture, community, and youth, to the country’s parliament in October.

Prominent Singaporeans also spoke out against the deal, questioning whether Income Insurance could fulfil its social purpose under a new owner.

Tommy Koh, a veteran Singaporean diplomat, expressed worries that a foreign owner like Allianz would not devote resources to create products that serve the needy, like Income Insurance’s 2010 scheme that offered free insurance to families with young children, or its 2013 decision to provide insurance coverage to children with autism.

Income Insurance currently has about 1.7 million customers according to its website. Singapore has a resident population of about 4.18 million and about 1.86 million non-residents that include migrant domestic workers, dependents and international students. Foreigners are able to buy coverage from Income Insurance.

Tan Suee Chieh, a former CEO of Income Insurance back in its cooperative days, also wrote in a Facebook post in late July that Income Insurance is meant to serve Singaporeans and “not the shareholders of Allianz Europe BV”. Tan also added that Income Insurance’s DNA is “people before profits” not “profits before people” and that the company should never sell out on that principle that defines its identity and purpose.

Throughout the saga, Income Insurance maintained that it acted in good faith to safeguard the interests of its stakeholders, including policyholders and shareholders. The insurer said in October that Allianz’s proposed deal to acquire a majority stake would further enhance Income Insurance’s financial resilience and enable Income Insurance to call on additional capital support in the event of any future financial crises.

What happens now?

In October, after the government said it would block the deal, Allianz said that it would work closely with relevant stakeholders to consider revisions to the proposed transaction structure.

Yet on Monday, Renate Wagner, an Allianz SE board of management member who is responsible for the Asia-Pacific region, said Allianz respects the Singapore government’s decision. He maintained the company still believed that an Allianz and Income Insurance combination would benefit Income Insurance’s policyholders and Singapore.

Income Insurance said it would continue to explore liquidity options for shareholders and that shareholders can continue to buy and sell their shares on a willing-buyer and willing-seller basis—and that business remains as usual with no impact to policyholders.

The collapsed deal is a setback for Allianz’s Asia plans. Allianz is currently the ninth-largest insurer in Asia; Acquiring Income would have lifted it to fourth place. Allianz has called the Asia-Pacific region a “strategically important growth area” and the company on Dec. 10 again noted the region’s potential, particularly on providing retirement solutions as the region ages. The German insurer generated 7.7 billion euros ($8.07 billion) in total business volume across its property-casualty and life/health retail insurance businesses last year.

Asia’s current insurance industry is dominated by local players like China Life Insurance, Ping An Insurance, and AIA Group. Asia Pacific is projected to have a bigger total addressable market than Europe or the U.S. by 2030.