Allianz Life Insurance Japan Ltd. ("Allianz Life Japan") has been granted an insurance license from the Japanese Financial Services Agency (FSA) today. The company, which is a 100 percent subsidiary of Allianz SE, will start selling variable annuity products on April 1, 2008.
Werner Zedelius, Member of the Board of Allianz SE responsible for growth markets, said: "We are delighted that Allianz Life Japan has been awarded an insurance license. Japan has the second largest life insurance market in the world. We are entering this huge market because we see significant growth potential for our life business in Japan."
Allianz already provides property and casualty insurance, asset management, and banking services in Japan. With this move, Allianz significantly broadens the scope of its business in this important insurance market.
Uwe Michel, Chairman and Representative Director of Allianz Life Japan commented: "We are looking forward to offering Japanese customers a wide range of products. I am sure that by leveraging our global expertise, Allianz will be building a long-term sustainable business in Japan."
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Allianz to offer life insurance in Japan
Werner Zedelius: "We see significant growth potential for our life business in Japan"