Allianz Taiwan Life to acquire HSBC's life insurance business
The China Post news staff
November 2, 2012, 12:02 am TWN
Allianz Taiwan Life (AZTL) recently announced it has entered into an agreement to acquire the insurance unit of HSBC Life (International) Taiwan Branch (INTW) together with its assets and liabilities for the consideration of US$18 million.
Completion of the acquisition, which excludes statutory deposits of approximately US$10 million, is subject to regulatory approvals and is expected to be effective in the first half of 2013. This agreement is part of a strategic partnership between Allianz and HSBC.
This transaction has no impact on all existing INTW policyholders' rights. All INTW employees will be offered positions to join “Allianz Taiwan Life Insurance.”
Commenting on the acquisition, AZTL President & CEO Chris James said, “This is a unique opportunity for Allianz to invest and grow further in Taiwan. The addition of INTW business fits perfectly with our strategic focus of increasing our position as a leading provider of life insurance protection and long-term unit-linked savings products. Furthermore, with this acquisition the policyholders of INTW will be served by a subsidiary of a global insurer with one of the highest credit ratings in the industry.”
“Allianz has been in the Taiwan market for 18 years. We are very positive about the market opportunity,” added James.
According to the Allianz Wealth Report 2012, Taiwan ranked sixth in the list of the richest countries in the world.