News eDaily20 Oct 2017

Taiwan:Allianz to sell part of life insurance portfolio

20 Oct 2017


Allianz Taiwan Life Insurance yesterday announced that it has reached an agreement to sell a part of its traditional life insurance portfolio to China Life Insurance, headquartered in Taipei.

This sale supports Allianz’s strategy to actively manage its life portfolio in Taiwan towards more capital-efficient solutions, the German global insurer said in a statement.

The transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4% or higher, with a combined IFRS policy reserves of EUR1.2 billion euros (US$1.42 billion). Upon closing, the transaction is expected to have a positive impact on the group’s Solvency II capital position. Allianz Taiwan Life employees will not be affected by the deal.

Under the agreement, all related assets and liabilities of the respective portfolio will be transferred to China Life, with full protection of customer interests and rights.

Mr George Sartorel, Regional CEO for Asia Pacific, Allianz, said: “With its strong balance sheet and track record in acquiring and integrating policies and policyholders, we believe China Life is the ideal candidate to take over this portfolio. Allianz remains fully committed to Taiwan, and this transaction is consistent with our priorities to serve customers with our core unit-linked and protection solutions.”

This transaction is subject to China Life’s shareholder meeting and regulatory approval, and is expected to complete in mid-2018. Allianz Taiwan Life is the largest multinational life insurance company in Taiwan by gross written premiums in 2016. Since entering the market in 1995, Allianz Taiwan Life has maintained a leading market position with an agency force of over 2,500 and a network of strategic bank partnerships.

The Allianz-China Life deal follows an announcement that UK-based insurer Aviva is withdrawing from the Taiwanese market after agreeing to dispose of its stake in a joint venture with First Financial Holding. Aviva will sell its 49% stake in First-Aviva Life Insurance for a token consideration of US$1, the Taiwanese financial holding company said last week.


 

| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News


Follow Asia Insurance Review