Allianz to divest part of Taiwan life insurance business

Allianz, a Germany-based insurance firm, has tied down all administrative consents to offload part of its customary extra security business in Taiwan to Taipei-based China Life Insurance Company.

According to the understanding, which was inked in October last year, Allianz Taiwan Life Insurance will strip part of its life coverage portfolio containing 78,000 strategies with an all out strategy save of €1.2bn.

Presently, the administrative endorsements are set up, the exchange is supposed to be finished on 18 May.

Allianz Asia-Pacific CEO George Sartorel said: "This exchange upholds our needs to zero in on the center sections where we have the most mastery to offer more noteworthy benefit to our clients.

"Taiwan stays an exceptionally alluring and significant market to Allianz, where we have a great and quickly developing business. We are resolved to speed up the development in Taiwan and will keep on improving our items and administrations to meet the assurance needs of our clients."

Allianz further said that the arrangement won't affect tasks or progressing business of Allianz Taiwan Life and every one of policyholders' privileges will stay unaltered and totally secured.

Subtleties of the exchange esteem and the stake Allianz will hold in the Taiwan business have not been disclosed.

As of late, Allianz wrapped up the securing of Sri Lanka-based back up plan Janashakthi Taiwan General Insurance Market for around $106.4m.

Allianz thinks about Asia as a center locale for its development methodology. It has been working in China starting around 1910 and today has presence in 14 markets of Asia. 

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