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.
- January 21
China has recommitted to opening up its market to foreign insurers.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.