Allianz sells part of Taiwan life insurance portfolio to China Life
German insurer Allianz has reached an agreement to sell part of its traditional life insurance portfolio in Taiwan to China Life Insurance.
Allianz Taiwan Life is the largest multinational life insurance company in Taiwan by gross written premiums in 2016. The sale supports Allianz’s strategy to actively manage its life portfolio in Taiwan towards more capital-efficient solutions, according to the statement. Upon closing, it is expected to have a positive impact on the group’s Solvency II capital position, the company added.
Under the agreement, all related assets and liabilities of the respective portfolio will be transferred to China Life. The transaction is subject to China Life’s shareholder meeting and regulatory approval and is expected to complete in mid-2018.
George Sartorel, regional CEO for Asia Pacific, Allianz said: "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."
According to the statement, the transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined IFRS policy reserves of 1.2 billion euros (42.1 billion Taiwan new dollars).
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