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October 26, 2012updated 13 Apr 2017 8:42am

Allianz strikes ten-year Asia deal with HSBC

Allianz and HSBC have signed a ten-year exclusive bancassurance distribution agreement for life insurance in Asia, enabling Allianz to tap into major growth markets in the Asia-Pacific region.

By Ronan Mccaughey

Allianz and HSBC have signed a ten-year exclusive bancassurance distribution agreement for life insurance in Asia, enabling Allianz to tap into major growth markets in the Asia-Pacific region.

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The agreement means HSBC will distribute Allianz life insurance products in China, Indonesia, Malaysia, Australia, Sri Lanka and Taiwan. Other strategic partners will distribute products for Allianz in Brunei and the Philippines.

The agreement includes an upfront cash consideration by Allianz of US$ 100.5m.

Bancassurance is a major distributional channel for Allianz in Asia. The insurer said that in 2011 around 40% of gross written premiums in life insurance derived from this channel.

Manuel Bauer, a member of the board of management of Allianz SE, who is responsible for insurance growth markets, said: "We expect a rising demand for life insurance products in Asia and more customers will benefit from our long years of experience in this field."

David Fried, regional CEO for Allianz Asia Pacific, said: "We are confident this partnership will further our ability to become the market leader with superior customer services."

As part of the overall strategic partnership the assets and liabilities, other than the statutory deposits of approximately $10m (€8m), of HSBC Life (International), Taiwan Branch, will be transferred to Allianz Taiwan Life Insurance for a consideration of $18m($14 m).

Allianz has various partnerships with HSBC Asia in life and health insurance, credit insurance and asset management. Allianz Group has been a Preferred Strategic Partner globally for HSBC since 2008.

 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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