Following its acquisition of Commerce Assurance Berhad, a leading general insurer in Malaysia, German insurance giant Allianz has announced its second major acquisition in 2007. Allianz is to take over the outstanding shareholding in Taiwanese joint venture Allianz President Life, from its partner Uni-President Group.
As a result of the stock purchase Allianz will hold almost 100% of the shares. The transaction is subject to regulatory approval.
We are excited about the prospect of taking over the majority shareholding and bringing this company under the umbrella of Allianz Group, said Bruce Bowers, CEO of Allianz Asia Pacific. It will allow us to further strengthen financial management, international investment know-how and corporate governance of the company.
Allianz President Life currently ranks sixth in new business among life insurers in Taiwan, reporting gross written premiums of E1.3 billion in 2006.
The companies’ joint venture has been established since 1999, and seeks to maintain a close relationship in the future.