Allianz to sell part of life insurance portfolio in Taiwan

Allianz is set to part with its life insurance portfolio to Taiwan Life.

The sale is in line with Allianz’s strategy to actively manage its life portfolio while focusing on customer needs. Given the constraints placed on European insurers presented by Solvency II, Taiwan Life Insurance is in the better position to effectively manage the affected life insurance contracts. The deal includes an Allianz Taiwan Life portfolio with IFRS policy reserve liabilities of EUR1.2 billion as of December 31, 2015. Some 80,000 policies are affected. Allianz Taiwan Life staff will not be impacted by the deal. Maximilian Zimmerer, member of the board of management of Allianz SE responsible for Insurance Asia Pacific, said, “The sale of this portfolio is in line with our efforts to focus on capital-efficient life insurance and our successful unit-linked products. We remain fully committed to Taiwan and the Asia Pacific region, and will strengthen our business by leveraging strategic partnerships and opportunities. Our customers and partners can continue to rely on Allianz’s dedicated expertise and established service networks in Taiwan and across the region.”

Under this agreement, all related assets and liabilities of the respective portfolio would be transferred to Taiwan Life Insurance, with full protection of customer interests and rights. It is expected to close in the second half of 2016.