Yuanta Financial Holding Co (元大金控) yesterday announced a collaboration deal with Aegon Life Insurance (Taiwan) Inc (全球人壽) and launched a tailor-made investment-linked insurance po-licy for its clients through banking and securities channels.
"The policy's sales will be available to Yuanta clients only through our 220 outlets island-wide -- the largest among peer financial service providers," Her Chang-ming (
Her said that his mega-bank had not ruled out the possibility of teaming up with other insurers to diversify sales of insurance products to its clients, since the bank had no plans to set up an insurance subsidiary.
The tailor-made policy features death coverage of up to NT$10 million (US$308,000) while linking to investments in 41 top-rated funds, 10 exchange-traded funds and four currency deposit accounts, said Wu Hung-lin (
Wu also said that the bank had sold over 300 policies since last month.
Wu said that the bank was aiming to sell 2,000 new first-year policies every month, which could bring in more than NT$2 billion in premium incomes after the first year since policy-buyers average NT$10,000 each in extra investment-related incomes.
To reach an economy of scale, Aegon CEO James Liu (劉先覺) said yesterday, Yuanta will need to sell anywhere from 20,000 to 30,000 accumulation policies as a prerequisite to their strategic alliance.
To further tap into the local pension-fund market, Liu said the life insurer -- which has a 3-percent market share in the global pension-fund management market -- hasn't ruled out the possibility of teaming up with other financial service providers to offer tailor-made insurance services.
Although Taiwanese policyholders average two polices each, Liu said that the local pension market had greater-than-expected potential.
As people are living longer lives, people are advised to spend at least one-third of their monthly salary in preparing for the years of their retirement.
In early June, Netherlands-based Aegon announced it would form a local joint venture with Taishin Financial Holding Co (台新金控), exploring the life insurance and pension market via Taishin Financial's network.
Under the to-be-established insurer, Taishin Financial will hold a controlling 51 percent stake and Aegon 49 percent. It will begin operation in the middle of next year with initial capital of NT$2 billion.
Aegon spokesperson Irene Liu (劉靖珊) yesterday said the life insurer's team-up with Yuanta creates no client conflict between its partners, since each has a different network strength.
"It has always been the company's strategy to diversify sales channels," she said, reiterating that the insurers will seize any opportunity to expand sales channels.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS