Allianz and China Life enter deal for Taiwan portfolio
Mid-2018 will see German insurer Allianz sell part of its Taiwan business’s traditional life insurance portfolio to China Life Insurance in a move by Allianz to actively manage its Taiwan life portfolio for more capital-efficient solutions.
The deal includes a portfolio of around 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined policy reserves of 1.2 billion euros (on a IFRS basis, $1.42 billion or 42.1bn Taiwan new dollars).
Allianz did not disclose the sale price but said the transaction would have a positive impact on its Solvency II capital position.
The agreement will include the transfer of all related assets and liabilities of the respective portfolio to China Life, with full protection of customer interests and rights, and will be subject to China Life’s shareholder meeting and regulatory approval.