Menu

Reinsurance News

China Life acquires Allianz Taiwan life portfolio

20th October 2017 - Author: Staff Writer

Allianz Taiwan Life Insurance has reached an agreement to sell part of its traditional life insurance portfolio to China Life Insurance, as the firm pursues a strategy to actively manage its Taiwan life portfolio for more capital-efficient solutions.

asia-globeThe transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4% or higher, with a combined IFRS policy reserves of €1.2 billion (42.1 billion Taiwan new dollars).

The transaction, which is due to complete in mid-2018, is expected to have a positive impact on the group’s Solvency II capital position.

“With its strong balance sheet and track record in acquiring and integrating policies and policyholders, we believe China Life is the ideal candidate to take over this portfolio. Allianz remains fully committed to Taiwan, and this transaction is consistent with our priorities to serve customers with our core unit-linked and protection solutions,” said George Sartorel, Regional Chief Executive Officer (CEO) for Asia-Pacific, Allianz.

The agreement includes the transfer of all related assets and liabilities of the respective portfolio to China Life, with full protection of customer interests and rights.

RMS

The transaction is subject to China Life’s shareholder meeting and regulatory approval.

Allianz Taiwan Life employees will not be impacted by the deal.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Greig Woodring & Steve McGill elected to The Hartford’s Board

The Hartford has elected Greig Woodring and Steve McGill to the company's Board of Directors to succeed Charlie Strauss and Patrick Swygert,...

Close