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Allianz introduces new brand-name insurance arm

Munich, Germany-based Allianz SE, Europe's largest insurance company, unveiled the new brand name of its wholly owned insurer in Taiwan yesterday and restated its commitment to the local market.

Formerly known as Allianz President Life Insurance (統一安聯人壽), the firm has been renamed Allianz Taiwan Life Insurance Co (安聯人壽), which is now more than 99.7 percent controlled by the German insurer.

The new name came into effect on Sunday to reflect Allianz's announcement in January that it would acquire all the shareholding held by its previous joint venture partner Uni-President Group (統一集團) for approximately NT$1.7 billion (US$51.9 million).

The insurer is confident that its incorporation under the umbrella of Allianz will create synergy and facilitate expansion.

"Rebranding will allow us to further strengthen financial management, international investment know-how and corporate governance of the company," Bruce Bowers, chairman of Allianz Taiwan Life, said yesterday.

The first-year premiums it collected last year totaled NT$39.09 billion, making it one of the nation's top-six life insurers. For the first five months this year, it had 360,000 effective individual policies and collected NT$25.73 billion in first-year premiums, making it the fourth-largest life insurer, chief executive officer Richard Fung (馮元輝) said.

With closer cooperation with Allianz group, Fung expected to introduce more creative, customer-oriented products.

Although he did not give business projections for the year, Fung said the firm has surpassed its goal by 69 percent during the first four months of the year on growth in all its insurance channels.

In terms of annualized premium performance, its Bancassurance division, which cooperates with more than 40 banks, contributed 55 percent. It also owns 1,200 agencies.

While Bowers viewed Taiwan as a potential market for development, Fung said the company did not rule out the possibility of mergers and acquisitions as small players would have difficulty surviving the fierce competition.

"As long as there are good targets, we'll take [them] into consideration when the price and value are favorable," Fung said.

Taiwan Ratings Corp (中華信評) last month raised its insurer financial strength rating and counterparty credit rating on the insurer to "twAA" from "twAA-" with a stable long-term outlook.
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