Taipei-based Central Insurance Co (
"This is a strategic effort which will allow AIG General Insurance to better leverage the strength of AIG as a global franchise and to synergize with its global marketing initiatives," said Charles Sung (宋道平), president of the non-life insurer.
"All of our customers will benefit from AIG's international expertise and global presence and will enjoy quality insurance services," he added.
Providing more innovative products and extending its service network will be the insurer's priorities going forward, Sung said.
illnesses
For instance, the insurer plans to launch a new product on critical illnesses, in which policyholders will be able to receive lump sums when diagnosed with qualifying illnesses, said Rudi Spaan, general manager of AIU Insurance Company's Taiwan branch, another subsidiary under AIG.
In addition, the company plans to insure clients against identity theft, which is rampant in Internet and ATM transactions, Spaan said.
Leveraging its parent company's bases of operations in 130 countries, AIG General Insurance is also eager to serve the great number of overseas Taiwanese businesspeople, a service that local insurers are not allowed to provide due to regulatory restrictions.
"We plan to set up a contact window in Taiwan and facilitate the providing of insurance services to Taiwanese businesses around the world. This will boost our added value and sharpen our competitive edge," Sung said.
To integrate resources under the AIG umbrella, AIU Insurance's Taiwan branch has applied to merge with AIG General Insurance and expects to get the green light in the fourth quarter.
After the merger, AIG General Insurance expects to be the nation's No. 6 insurer in terms of direct gross premiums written, with a market share of 7.4 percent.
Last year, AIU Insurance posted pre-tax profits of NT$58 million (US$1.8 million) on total gross premiums of NT$3.63 billion.
premiums
Central Insurance received premiums of NT$5.99 billion and posted losses of NT$530 million from overhauling its policies and setting aside provisions of over NT$200 million, said Lim Kian-tiong (林建忠), AIU Insurance's vice president of finance and accounting.
Looking ahead, Spaan said he expected the new insurance entity to post revenue growth next year, although gross premiums might decrease slightly this year due to organizational restructuring.
AIG last year acquired a controlling stake in Central Insurance via a share-swap transaction valued at around NT$6 billion.
In 1996, AIG became a major shareholder of Nan Shan Life Insurance Co (
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