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 agreementreinforces 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).