Starting July 1, the company formerly known as "Allianz President Life" has been re-branded to "Allianz Taiwan Life Insurance Company" (AZTL). The change of name followed Allianz’s acquisition of minorities held by former joint venture partner Uni-President Group. The transaction, which was as announced in January, was approved by the regulatory authorities in June and is now completed by the change of name.
Life insurer re-branded to Allianz Taiwan Life
Leveraging on the strong Allianz brand
Bruce Bowers, CEO of Allianz Asia Pacific and chairman of AZTL, explained Allianz's rationale for re-branding the company to Allianz Taiwan Life: "A powerful and well-known brand is a strategic asset and a key tool in a successful customer relationship. A strong brand provides orientation for the customer and differentiates it from the competition. Allianz is one of the strongest brands in the financial sector worldwide. Given that a strong brand positively influences purchase behavior, we believe that re-branding Allianz Taiwan Life is also a very good investment into the future success of our company."
Richard Fung, CEO of AZTL, pointed out the already strong market position of Allianz Taiwan Life. "The company has seen outstanding performance in recent years. In 2006, we ranked among the top six life insurers in Taiwan in new business. By end of May 2007, the number of in-force life policies at AZTL exceeded 360,000. Bancassurance and broker channels have performed particularly well, both in top two places industry-wide. After the re-branding, AZTL will be in a position to continuously and increasingly receive strong support and assistance in financial management, international investment strategies, and corporate integrated management from Allianz SE."
Bruce Bowers, CEO of Allianz Asia Pacific
Bowers: "We believe that re-branding Allianz Taiwan Life is a very good investment into the future success of our company"
Diversified distribution network, strong position in unit-linked products
AZTL has been the market leader in new business in unit-linked products since 2003, not least due to the contribution of Uni-President Group as the joint-venture partner of Allianz. Significant efforts have been devoted to develop unit-linked products and an investment platform. AZTL has the full range of distribution channels. On top of over one thousand agents and hundreds of telemarketers, there are over 40 bancassurance partners and 30 insurance brokers.
Moving forward, AZTL as a full part of Allianz Group will continue its pursuit of professionalism, integrity, innovation, flexibility, and customer focus. The company strives to become the most trusted financial services brand by offering most comprehensive financial solutions. As Bruce Bowers put it at the press conference, "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. The move to obtain a close to 100 percent shareholding in AZTL demonstrates Allianz’s commitment to the large and significant Taiwan market. We want to continue to grow profitably in Taiwan, also under the new AZTL brand."
About Allianz Taiwan Life
Allianz Taiwan Life is one of the leading brands as well as a pioneer in unit-linked products in Taiwan. The product range include variable universal life insurance, variable annuities, life and health insurance, and so on. In 2006, Allianz Taiwan Life was one of the top six life insurers in Taiwan. With a premium volume of 1.3 billion euros, the company ranked number 6 among life insurers of Allianz.
Allianz Taiwan Life holds an established web of diversified distribution channels, including 1,200 professional life insurance advisers, over 40 major bank and security firm partners, and insurance brokers as well as telemarketing agents.
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