Allianz TaiwanLife Insurance Co. Ltd. agreed to sell part of its traditional lifeinsurance portfolio to Taiwan LifeInsurance Co. Ltd. as part of its strategy to actively manage the lifeportfolio while focusing on consumer needs.
Allianz Taiwan Life said May 10 that the deal includes its portfoliowith IFRS policy reserve liabilities of €1.2 billion, as of Dec. 31, 2015. Some80,000 policies are affected, but Allianz Taiwan Life staff will not be impactedby the deal.
Taiwan Life Insurance is in a better position to manage the affectedlife insurance liabilities given the constraints on European insurers by solvencyrules.
The transaction is subject to regulatory approval and is expectedto close in the second half.
Allianz Taiwan Life is a unit of Allianz Group