Saturday, January 20, 2018

Allianz to sell part of life insurance business in Taiwan

Allianz has reached an agreement to sell part of its traditional life insurance portfolio in Taiwan to China Life.

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 €1.2 billion (NT$42.1 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 impacted by the deal.

“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,” said George Sartorel, Asia-Pacific CEO for Allianz. “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.”

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

This transaction is subject to China Life’s shareholder meeting and regulatory approval, and is expected to complete in mid-2018.

 

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