German insurer Allianz said on Wednesday it is planning to strengthen its business in Asia by acquiring a 51% controlling stake in Singapore’s Income Insurance. The deal valued at 2.2 billion Singapore dollars (US$1.6 billion) was announced in Munich on Wednesday. With the takeover, Allianz aims to become the fourth-largest property and casualty insurer in Asia. Income Insurance also sells health and life insurance. “We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence,” said Renate Wagner, member of the board…