Allianz will sell part of its life insurance portfolio in Taiwan to a local insurance and financial services institution.
Allianz Taiwan Life Insurance agreed to sell part of its life insurance portfolio to China Life Insurance in Taipei, Taiwan, the firm said in a press release.
The transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined policy reserves of 1.2 billion euros. Upon closing, the transaction is expected to have a positive impact on the group’s solvency II capital position.
Fully Committed
The sale supports Allianz’s strategy to actively manage its life portfolio in Taiwan towards more capital-efficient solutions. Allianz Taiwan Life employees will not be affected by the deal.
«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 CEO for Asia Pacific, Allianz.
