ALLIANZ completes sale of part of its life insurance portfolio in Taiwan to CHINA Life
"ALLIANZ remains fully committed to its life insurance business in Taiwan and will continue to accelerate its growth and innovation agenda to provide customers with superior protection solutions in this key market", the German insurer said in a statement.
The agreement was announced in November 2017 and includes the sale a part of traditional life insurance portfolio of ALLIANZ Taiwan Life Insurance to CHINA Life Insurance, headquartered in Taipei, Taiwan.
"The transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4 percent or higher, with a combined IFRS policy reserves of EUR 1.2 billion", as ALLIANZ announced at that time.
"ALLIANZ Taiwan Life employees will not be impacted by the deal. (...) Under this agreement, all related assets and liabilities of the respective portfolio will be transferred to CHINA Life, with full protection of customer interests and rights".
ALLIANZ Taiwan Life is the largest multinational life insurance company in Taiwan by gross written premiums in 2016. Since entering the market in 1995, ALLIANZ Taiwan Life has maintained a leading market position with an agency force of over 2,500 and a network of strategic bank partnerships.