Allianz received regulatory approval to sell part of its life insurance portfolio in Taiwan. Is the lure of the massive Chinese market a factor?
Allianz Taiwan Life Insurance had announced the divestment of its life insurance portfolio to China Life Insurance in Taipei in October 2017. The deal includes a portfolio of 78,000 policies with combined policy reserves of 1.2 billion euros.
The transaction is expected to close on May 18, 2018, according to a statement on the insurers website. Allianz Taiwan Life employees will not be affected by the agreement.
Hugely Populated
Allianz is expanding across the Taiwan Straits in China where the German insurer opened a third branch last year, as finews.asia reported.
The under-insured nation promised to eliminate curbs on foreign insurance firms allowing them to have full ownership of such companies' after three to five years in the country.
