China Life Insurance set to take on the policies
Allianz has today announced the sale of part of its traditional life insurance portfolio to China Life Insurance.
The transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4% or higher, with a combined IFRS policy reserves of 1.2 billion euros (42.1 billion Taiwan new dollars).
According to the reports from Allianz, the sale would support the insurer’s strategy of focussing on more capital-efficient solutions for its life portfolio in Taiwan.
Allianz Asia Pacific regional chief executive George Sartorel said: “With its strong balance sheet and track record in acquiring and integrating policies and policyholders, we believe China Life is the ideal candidate to take over this portfolio. Allianz remains fully committed to Taiwan, and this transaction is consistent with our priorities to serve customers with our core unit-linked and protection solutions.”