Allianz gets regulatory nod for sale of Taiwan portfolio

March 1 2018 by InsuranceAsia News Staff

Allianz has secured regulatory approval to sell part of its Taiwan life insurance portfolio, the company announced in a statement.

The insurer hopes to sell part of its traditional life portfolio in Taiwan to Taipei-based China Life Insurance.

The transaction, first announced in October last year, involves the insurance firm selling more than 78,000 life policies that bear an interest rate of 4% or higher.

The statement did not, however, indicate the value of the deal or the details of the stake Allianz will continue to hold in the Taiwan business.

What was disclosed was that the transaction is expected to be completed on May 18 this year, and all policyholders’ rights will remain unchanged and fully protected.

Allianz assured that the move will not disrupt other business operations.

MORE FROM: Legal/Regulatory