Source: Al­lianz Life In­surance Malaysia Bhd Press Re­lease, 26 Oc­to­ber 2012

Insurance - - COMPANY CORNER -

Al­lianz and HSBC an­nounced sign­ing a 10-year ex­clu­sive ban­cas­sur­ance distri­bu­tion agree­ment for life in­surance in Asia. Al­lianz life in­surance prod­ucts will be dis­trib­uted by HSBC in China, In­done­sia, Malaysia, Aus­tralia, Sri Lanka and Tai­wan. Life in­surance prod­ucts will be pro­vided by strate­gic part­ners of Al­lianz in Brunei and the Philip­pines. The up­front cash con­sid­er­a­tion by Al­lianz amounts to USD 100.5 mil­lion (RM306.88 mil­lion).

The agree­ment al­lows Al­lianz to en­large its ban­cas­sur­ance distri­bu­tion reach to an ad­di­tional seg­ment of re­tail bank­ing cus­tomers in its ma­jor growth mar­kets in Asia Pa­cific. Ban­cas­sur­ance is a sig­nif­i­cant distri­bu­tion chan­nel for Al­lianz life in­surance in Asia. In 2011 around 40 per­cent of gross writ­ten pre­mi­ums in life in­surance de­rived from this chan­nel.

Both Al­lianz and HSBC are global lead­ers with the lo­cal ex­per­tise nec­es­sary to sup­port their fo­cus on out­stand­ing cus­tomer ser­vice. Al­lianz Group has been a Pre­ferred Strate­gic Part­ner glob­ally for HSBC since 2008. Al­lianz has a wide range of part­ner­ships with HSBC in Asia, in­clud­ing life and health in­surance, credit in­surance as well as as­set man­age­ment.

As part of the over­all strate­gic part­ner­ship the as­sets and li­a­bil­i­ties, other than the statu­tory de­posits of ap­prox­i­mately USD 10 mil­lion (RM30.50 mil­lion), of HSBC Life (In­ter­na­tional), Tai­wan Branch, will be trans­ferred to Al­lianz Tai­wan Life In­surance for a con­sid­er­a­tion of USD 18 mil­lion (RM54.96 mil­lion).

USD1.00 = RM3.06

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