Allianz Taiwan Life Insurance has agreed to sell its traditional life insurance portfolio to Taiwan Life Insurance.
According to the global insurer, the sale is aligned with its plan to actively manage its life portfolio while focusing on customer needs,
The Financial reported.
The report said Taiwan Life Insurance can do a more effective management of the affected life insurance contracts.
"The sale of this portfolio is in line with our efforts to focus on capital-efficient life insurance and our successful unit-linked products,” Maximilian Zimmerer, member of the board of management of Allianz SE responsible for Insurance Asia Pacific, was quoted as saying in the report.
“We remain fully committed to Taiwan and the Asia Pacific region, and will strengthen our business by leveraging strategic partnerships and opportunities,” he added.
Under the companies’ agreement, all related assets and liabilities of the traditional life insurance portfolio will be transferred to Taiwan Life Insurance, with full protection of customer interests and rights.
Allianz said the transaction will have an impact on 80,000 policies but its staff in Taiwan will not be affected.
The deal still needs approval from shareholders and regulators but it is expected to close in the second half of the year.
