Allianz gets regulatory nod for sale of Taiwan portfolioMarch 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.
- June 13
The couple are alleged to have defrauded the Hyperion-owned MGA out of over US$11.8m.
- June 13
If Hong Kong insurers could set up branches in China it could be a game changer.
- June 11
Chinese regulator is examining could increase the cap on investments in equities of insurers' assets.
- June 5
Arrests follow a court hearing in Hong Kong this week amid a dispute with rival McLarens.