As a result, Allianz will hold almost 100 percent of the shares. The transaction is subject to regulatory approval. AZPL reported gross written premiums of 1.3 billion euros in 2006 (local statutory premiums), and is number 6 in new business among life insurers in Taiwan.

"We are excited about the prospect of taking over the majority shareholding and bringing this company under the umbrella of Allianz Group", said Bruce Bowers, CEO of Allianz Asia Pacific. "It will allow us to further strengthen financial management, international investment know-how and corporate governance of the company."

Bowers further added, "Uni-President Group has been a reliable and supportive shareholding partner since we established our joint venture in 1999, and we will maintain our close relationship in future."

Nan-Tien Chuang, chairman of AZPL and representative of Uni-President Group, welcomed the deal: "We are happy that we reached agreement with our long-term partner Allianz. We know that the company will remain in safe hands. Interests of policyholders will be protected and maintained by Allianz Group, one of the largest financial service providers worldwide." 

This is the second major acquisition for Allianz in 2007 in Asia, following the recent investment in Commerce Assurance Berhad, a major general insurer in Malaysia.

"We have a clear strategy for profitable growth in Asia Pacific. We want to expand consistently and continuously in all of our chosen markets, through organic growth and selected acquisitions. Allianz President Life is the sixth largest life insurer within Allianz Group by premium volume. By attaining Uni-President Group's shareholding, we reinforce our commitment to the Taiwanese economy and this large and important market", said Werner Zedelius, board member of Allianz SE (Munich), responsible for growth markets.

Allianz President Life is one of the pioneers and the innovative leader of unit-linked products in the local market. The company offers a broad spectrum of life insurance covering unit-linked life insurance products, unit-linked annuity products, and health insurance products.

In 2006, Allianz President Life ranked number six among life insurers in new business and reported gross written premiums of 1.3 billion euros (local statutory premiums). It is supported by a strong sales network of 1,200 agents, 39 sales cooperations with banks and security houses, and other sales channels like brokers and tele-marketing. Main shareholders today are Allianz SE (Munich), holding 50 percent, and Uni-President Group (Taipeh), holding 47 percent. The rest is with individual shareholders.

Uni-President Group is a major Taiwanese multidimensional operational enterprises corporation with emphasis on food industry. It was established in Tainan, Taiwan in July 1967. The Group started with manufacturing flour and various daily necessities including forage, edible oil, food and beverage. The Group today is market leader in the Taiwan food industry.

In Asia Pacific, Allianz is present in 16 markets offering its core businesses of property and casualty insurance, life and health insurance, asset management and banking.


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