PressNewsFinancialsStakes and investments: Allianz to sell part of life insurance portfolio in Taiwan to Taiwan Life Insurance

Allianz to sell part of life insurance portfolio in Taiwan to Taiwan Life Insurance

Service & Contacts

Allianz Group Communications
Koeniginstr. 28
80802 Munich
Germany

Contact overview

Receive the latest Allianz news.

Newsletter

Follow Allianz in the social networks:

Facebook
Twitter
Google+
LinkedIn

  • Contact

  • Newsletter

  • Social Media

Allianz Taiwan Life Insurance Co. Ltd. has reached an agreement with Taiwan Life Insurance Co. Ltd., headquartered in Taipei, Taiwan, to sell a traditional life insurance portfolio of Allianz Taiwan Life to Taiwan Life Insurance.

 

Allianz SE
Taipei/Munich, May 10, 2016

The sale is in line with Allianz’s strategy to actively manage its life portfolio while focusing on customer needs. Given the constraints placed on European insurers presented by Solvency II, Taiwan Life Insurance is in the better position to effectively manage the affected life insurance contracts. The deal includes an Allianz Taiwan Life portfolio with IFRS policy reserve liabilities of 1.2 billion euros (42.3 billion Taiwan new dollars) as of December 31, 2015. Some 80,000 policies are affected. Allianz Taiwan Life staff will not be impacted by the deal.

Maximilian Zimmerer, member of the board of management of Allianz SE responsible for Insurance Asia Pacific, said, "The sale of this portfolio is in line with our efforts to focus on capital-efficient life insurance and our successful unit-linked products. We remain fully committed to Taiwan and the Asia Pacific region, and will strengthen our business by leveraging strategic partnerships and opportunities. Our customers and partners can continue to rely on Allianz's dedicated expertise and established service networks in Taiwan and across the region."

Allianz Taiwan Life was the largest multinational life insurance company in Taiwan by gross written premiums in 2015. Since entering the market in 1995, Allianz Taiwan Life has developed into a market leader in unit-linked life products, with an agency force of over 1,700 and a wide network of strategic bank partnerships. In 2015, Allianz Taiwan Life's new business value rose by a record 34 percent, driven by its outstanding customer service leadership and portfolio innovation.

Under this agreement, all related assets and liabilities of the respective portfolio will be transferred to Taiwan Life Insurance, with full protection of customer interests and rights.
 

This transaction is subject to regulatory approval as well as approval from the shareholders meeting of Allianz Taiwan Life. It is expected to close in the second half of 2016.

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Elizabeth Goetze
Allianz SE
Phone +49.89.3800-5509
Send email
 

Isaac Chen
Allianz Taiwan Life Insurance
Phone +88.62.7706-7123
Send email

Thomas Atkins
Allianz SE
Phnone +49.89.3800-2960
Send email
May Kek
Allianz SE
Phone +65.63958118
Send email

  More at allianz.com

Encouraging Future Generations: Never Too Young, Never Too Old

Allianz-Encouraging Future Generations: Never Too Young, Never Too Old
Jun 14, 2018 | Allianz SE

It’s never too early or too late to test your innovation wings when it comes to mixing business with altruism. These social entrepreneurs tell you why...

More...

Allianz report: Failure to manage natural resources brings increasing interruption and liability risks for businesses

Allianz-Allianz report: Failure to manage natural resources brings increasing interruption and liability risks for businesses
Jun 12, 2018 | Allianz SE

Natural resources such as clean air and fresh water are vital for businesses – and at the same time massively at risk across many industry sectors today. Failure to manage the earth’s natural resources or “natural capital” has consequences that extend beyond direct effects on the environment. For businesses, it can also bring new interruption and liability scenarios which can wipe out profits and impact business models, as resource scarcity, regulatory action and pressure from communities and wider society grows, warns AGCS in a new report.

More...

FIFA World Cup 2018: Ready to Play

Allianz-FIFA World Cup 2018: Ready to Play
Jun 12, 2018 | Allianz SE

Before the 2018 FIFA World Cup kicks off in Russia, one essential item needs to be in position – and it’s not the ball. Big or small, international or local, sporting events have an even bigger supporter - insurance. In fact, you can call it the ‘enabler’. “Without insurance there would be no World Cup, no Olympics or little organized competitive sport at all,” says Michael Furtschegger, Head of Entertainment International at Allianz Global Corporate & Specialty (AGCS). “For, few would take on the risk required to stage an event, particularly one the size of the World Cup.”

More...
More...