Allianz Taiwan Life Insurance has agreed to dispose of a part of its traditional life insurance portfolio to China Life Insurance for an undisclosed sum.

The divestiture will support Allianz’s strategy to actively manage its life portfolio in Taiwan towards more capital-efficient solutions.

The deal comprises a portfolio of approximately 78,000 policies with a guaranteed interest rate of 4% or higher, with a combined IFRS policy reserves of EUR1.2bn.

As per the terms of the agreement, all related assets and liabilities of the respective portfolio will be handed over to China Life, with full protection of customer interests and rights.

Allianz regional CEO for Asia Pacific George Sartorel said: “With its strong balance sheet and track record in acquiring and integrating policies and policyholders, we believe China Life is the ideal candidate to take over this portfolio.

“Allianz remains fully committed to Taiwan, and this transaction is consistent with our priorities to serve customers with our core unit-linked and protection solutions.”

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The transaction, which is expected to positively impact the group’s Solvency II capital position, is expected to complete in mid-2018, subject to China Life’s shareholder meeting and regulatory approval.

Allianz Taiwan Life staff will not be impacted by the deal.