In a bid to take advantage of the anticipated growing demand for insurance products, German insurance provider Allianz is reportedly planning to enter the Japanese life insurance market by establishing a unit in the country to sell a range of annuities through bank branches.
According to Reuters, Allianz is hoping to eventually create a holding company that offers both life insurance and non-life insurance products. The group has taken its first step to achieve this goal through its local non-life insurance arm Allianz Fire and Marine Insurance Japan, which has already set up a preparatory company in the country’s capital.
The new unit is anticipated to begin operating in early 2008 with a capitalization of tens of billions of yen, the news site stated.