Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Aviva obtains permission for joint venture in Taiwan

Aviva has been granted permission to establish a life insurance joint venture in Taiwan by The Financial Supervisory Commission.

The new company, to be called First-Aviva, is a joint venture between Aviva and First Financial Holdings (FFHC). Aviva has first received approval from the board of directors of the FFHC to form a joint venture. Since then, it has been working to seek Financial Supervisory Commission’s (FSC) regulatory permission for its establishment. First-Aviva is now preparing for the next stage which is to get ready for FSC’s approval of its operational license.

FFHC will hold 51% of the equity share capital of First-Aviva, with Aviva holding the remaining 49%. Aviva has reported that this agreement will be the first joint venture between a local financial holding company and a foreign insurance group.

First-Aviva will manufacture long-term savings and pension products in Taiwan and distribute them through an exclusive bancassurance agreement with First Commercial Bank, a subsidiary of FFHC.