ALLIANZ COMPLETES SALE OF PART OF ITS LIFE INSURANCE PORTFOLIO IN TAIWAN TO CHINA LIFE

Insurance power house Allianz has announced that it has completed the sale of part of its traditional life Insurance portfolio in Taiwan to China Life Insurance Co.Allianz, Insurance Taiwan to China

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 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 EUR 1.2 billion as announced by that the employees will not be impacted by the deal as all related assets and liabilities will be transferred to China Life with full protection of customer interests and rights.

Allianz Taiwan life is the largest in Taiwan by gross written premium 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.

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