The Taiwanese financial regulator approved Allianz Taiwan Life Insurance Co. Ltd.'s sale of part of its life insurance portfolio to Taiwan's China Life Insurance Co. Ltd.
The Financial Supervisory Commission, or FSC, said in a Feb. 27 release that it agreed to Allianz Taiwan Life's application to sell part of its business, including insurance policies, assets and liabilities to China Life. The latter has agreed to keep the rights and obligations of the policies unchanged.
Allianz Taiwan Life remains committed to long-term operations in Taiwan while the transfer will boost China Life's business scale, the FSC noted.
China Life said in a separate same-day statement that the transfer is expected to complete in May, after which it will take on about 44,000 policyholders from Allianz Taiwan Life.
In October 2017, Allianz Taiwan Life, a unit of German insurer Allianz SE, said it agreed to sell about 78,000 life insurance policies to China Life for a nominal NT$1. The policies have a guaranteed interest rate of at least 4% and combined IFRS policy reserves of NT$42.1 billion. The sale is expected to boost Allianz SE's Solvency II capital.
As of Feb. 27, US$1 was equivalent to NT$29.30.
