Allianz signs 10-year exclusive life insurance distribution agreement with HSBC in Asia
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Allianz and HSBC announced today that they have signed a 10-year exclusive bancassurance distribution agreement for life insurance in Asia.
Munich, Oct 26, 2012
Allianz life insurance products will be distributed by HSBC in China, Indonesia, Malaysia, Australia, Sri Lanka and Taiwan1. Life insurance products will be provided by strategic partners of Allianz in Brunei and the Philippines. The upfront cash consideration by Allianz amounts to USD 100.5 million (EUR 77 million).
The agreement will allow Allianz to enlarge its bancassurance distribution reach to an additional segment of retail banking customers in its major growth markets in Asia Pacific. Bancassurance is a significant distribution channel for Allianz life insurance in Asia. In 2011 around 40 percent of gross written premiums in life insurance derived from this channel. "Today Allianz and HSBC have agreed on one of the most important bancassurance deals in Asia", commented David Fried, Regional CEO for Allianz Asia Pacific. “Allianz is well positioned to provide and service customers in Asia with products that cover their needs through the full cycle and key stages of their lives. Both Allianz and HSBC are global leaders with the local expertise necessary to support their focus on outstanding customer service. We are confident this partnership will further our ability to become the market leader with superior customer services,” he added.
Allianz Group has been a Preferred Strategic Partner globally for HSBC since 2008. Allianz has a wide range of partnerships with HSBC in Asia, including life & health insurance, credit insurance as well as asset management.
"The new 10-year life insurance distribution agreement reinforces our competitive position in Asia’s continuously growing markets and underlines our global excellence in providing tailor made products across markets", said Manuel Bauer, member of the board of management of Allianz SE, responsible for Insurance Growth Markets. "We expect a rising demand for life insurance products in Asia and more customers will benefit from our long years of experience in this field."
As part of the overall strategic partnership the assets and liabilities, other than the statutory deposits of approximately USD 10 million (EUR 8 million), of HSBC Life (International), Taiwan Branch, will be transferred to Allianz Taiwan Life Insurance for a consideration of USD 18 million (EUR 14 million).
1 In mainland China, HSBC Group companies, in addition to Allianz products, may continue to distribute life
insurance products of HSBC Life Insurance Company Limited. In Malaysia, HSBC Group companies, in addition to Allianz products, may continue to distribute takaful products of HSBC Amanah Takaful (Malaysia) Sdn Bhd under existing distribution arrangements.
About Allianz Insurance Management Asia Pacific
Asia Pacific is one of our three major growth regions. It is characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1917, providing fire and marine insurance in the coastal cities of China. Today, Allianz is active in 15 markets of the region, offering its core businesses of property and casualty insurance, life and health insurance and asset management. With its more than 14,500 staff Allianz serves the needs of over 21.5 million customers in the region. Allianz has multiple distribution channels in this region and an agency force of over 220,000 agents. Allianz's ability to adapt quickly to local needs has been the key to its success.
About the HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC Group is one of the world’s largest banking and financial services organisations.
- Investor Relations Release (PDF, 30 KB)