TOKYO / SINGAPORE, February 4, 2020: Allianz SE (Allianz) has entered into an agreement to form a life insurance joint venture (JV) with AEON Financial Service (AFS) to develop and market life insurance solutions for local customers in Japan.
The strategic partnership will combine Allianz’s global financial expertise in insurance and risk management, alongside the local retail expertise and expansive distribution network of AFS and the AEON Group – ensuring local customers in Japan have increased access to market-leading protection, health and savings products and services.
As part of the transaction, AFS will acquire a 60 per cent stake in Allianz Life Insurance Japan Ltd., with Allianz retaining 40 per cent ownership. Allianz Life Insurance Japan Ltd. has no intention to change the terms and conditions of insurance contracts of its existing policyholders.
This strategic partnership will allow Allianz to leverage the capabilities of a strong local partner and position the JV for future growth in the world’s third largest economy with new products and services to be launched to the market in due course.
The transaction is subject to regulatory approval. Further information will be shared at the appropriate time.
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UPDATE - 31 March, 2020
Completion of Acquisition of Allianz Life Insurance Japan Shares by AEON Financial Service
Further to our announcement dated 4 February 2020, Allianz Life Insurance Japan Ltd. (AZLJ) can announce the completion of the proposed joint venture between AEON Financial Service Co., Ltd. (AFS) and Allianz SE (AZSE). Following the completion of the transaction, AFS and AZSE now holds 60% and 40% respectively in the joint venture.
AZLJ will keep providing high quality after-sales services for its valuable customers and remain committed to fulfilling existing policies. With full effort, AZLJ will commit to continuing to further the corporate development as a group company of AEON as well as Allianz Group.
Allianz Fire and Marine Insurance Japan Ltd. and other Allianz Group entities in Japan are not affected by this agreement.
Subject to regulatory approval, AZLJ intends to change its corporate name to AEON Allianz Life Insurance Co., Ltd., effective 1 May, 2020.