After reviewing and considering that the division is beneficial to business development of both Allianz Taiwan Life Insurance Company Limited (“Allianz Taiwan”) and China Life Insurance Co., Ltd. (“China Life”), the FSC approved the
transfer of partial business, assets and liabilities of Alliance Taiwan’s traditional life insurance policies to China Life through division arrangement on February 27, 2018.
According to respective evaluation of the two companies, after the deal of policy transfer is completed, Alliance Taiwan will still commit itself to a long-term presence in the domestic insurance market and continue operating in a stable and
sound way in Taiwan. Alliance Taiwan plans to develop different products, including insurance products providing protection benefits, and China Life will increase its business size and customer base.
In order to protect the rights and interests of policy holders, the FSC has asked China Life to present its policyholders’ interests statement and promise that the terms and conditions regarding liabilities and rights in the policy agreement remain unchanged. The FSC has also asked China Life to present its statement of service continuity to policyholders and promise that China Life will continue to provide service to holders of policies transferred from Alliance Taiwan since the date of policies transfer.