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.