Taipei/ Singapore, 27th February 2018 -- Allianz today announces it has received regulatory approval for the earlier announced transaction to sell part of its traditional life insurance portfolio to China Life Insurance Company. The transaction is expected to close on 18th May 2018. All policyholders’ rights remain unchanged and fully protected.
Allianz remains fully committed to its life insurance business in Taiwan, and will continue to accelerate our growth and innovation agenda to provide our customers with superior protection solutions in this key market. This announcement does not affect the operations or ongoing business of Allianz Taiwan Life (“AZTL”) in any way. Existing customers, partners and associates can expect to enjoy the same quality of service and excellence from Allianz Taiwan Life.
George Sartorel, Regional CEO, Asia Pacific, said, “We are pleased that China Life Insurance will be able to take this portfolio to the next stage of its development. This transaction supports our priorities to focus on the core segments where we have the most expertise to provide greater value to our customers. Taiwan remains a highly attractive and important market to Allianz, where we have a high-quality and fastgrowing business. We are committed to accelerate the growth in Taiwan, and will continue to enhance our products and services to meet the protection needs of our customers.”
Allianz Taiwan Life is the largest multinational life insurance company in Taiwan by gross written premiums in 2017. Since entering the market in 1995, AZTL has maintained a leading market position with an established distribution network and multiple strategic bank partnerships. In 2017, AZTL grew its total revenues by 50% to NTD 82.4bn, while successfully expanding its agency force by a third to over 2,500 advisers. Going forward, AZTL will continue developing and investing in emergingtechnologies, with a focus towards building stronger engagements and propositions for its customers.