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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allianz Ag Muenchen Namen (PK) | USOTC:ALIZF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 290.128 | 284.15 | 288.75 | 0.00 | 12:41:32 |
Germany's Allianz SE (ALV.XE) and HSBC Holdings PLC (HSBA.LN) Friday said they signed a 10-year exclusive bancassurance distribution agreement for life insurance in Asia.
MAIN FACTS:
-Allianz life insurance products will be distributed by HSBC in China, Indonesia, Malaysia, Australia, Sri Lanka and Taiwan. Life insurance products will be provided by strategic partners of Allianz in Brunei and the Philippines.
-The up-front cash consideration by Allianz amounts to $100.5 million (EUR77 million).
-The agreement will allow Allianz to enlarge its bancassurance distribution reach to an additional segment of retail banking customers in its major growth markets in Asia Pacific.
In 2011, around 40% of gross written premiums in life insurance in Asia derived from bancassurance.
-"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," said Manuel Bauer, Allianz management board member for insurance growth markets.
-As part of the overall strategic partnership, the assets and liabilities of HSBC Life (International), Taiwan Branch, will be transferred to Allianz Taiwan Life Insurance for a consideration of $18 million (EUR14 million). This doesn't include he statutory deposits of approximately $10 million (EUR8 million).
-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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