Allianz enters JV agreement with AEON Financial Service

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Allianz SE has entered into an agreement to form a life insurance joint venture (JV) with AEON Financial Service (AFS) to develop and market life insurance solutions for local customers in Japan.

The strategic partnership will combine Allianz’s global financial expertise in insurance and risk management, alongside the local retail expertise and expansive distribution network of AFS and the AEON Group – ensuring local customers in Japan have increased access to market-leading protection, health and savings products and services.
As part of the transaction, AFS will acquire a 60 percent stake in Allianz Life Insurance Japan Ltd., with Allianz retaining 40 percent ownership. Allianz Life Insurance Japan Ltd. has no intention to change the terms and conditions of insurance contracts of its existing policyholders.

This strategic partnership will allow Allianz to leverage the capabilities of a strong local partner and position the JV for future growth in the world’s third largest economy with new products and services to be launched to the market in due course.

The transaction is subject to regulatory approval. Further information will be shared at the appropriate time.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 766 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

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Holger Klotz
Allianz SE
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