Allianz Introduces Life Insurance Offering In Japan

Fri, 07 Mar 2008

Allianz SE is to begin selling variable annuity products in Japan - the world's second-biggest life insurance market .

The company, one of the world’s leading insurance, banking and asset management services providers, said it was entering the "huge market due to its significant growth potential for the company’s life business in Japan ".

Allianz subsidiary Allianz Life Insurance Japan Ltd. was today granted an insurance licence by the Japanese Financial Services Authority, the company said.

Bruce Bowers, head of Allianz Asia, last month said that the company had plans to sell variable annuity products (mutual fund-based investments) through a bank partner - the identity of which it is yet to be revealed.

An Allianz spokeswoman on Friday said the company was still holding talks with potential sales partners but was close to making an announcement.

"We expect to announce something jointly at the end of the month," she said.

Allianz currently sells property -casualty insurance and offers banking and asset management services in Japan .
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