Allianz President Life Insurance Company, the Taiwanese life insurance subsidiary of German insurance giant Allianz, has been rebranded as Allianz Taiwan Life Insurance Company.
The change of name followed Allianz’s acquisition of minorities held by former joint venture partner Uni-President Group. The transaction, which was as announced in January 2007, was approved by the regulatory authorities in June 2007, and is now completed by the change of name.
Bruce Bowers, CEO of Allianz Asia Pacific and chairman of Allianz Taiwan Life (AZTL), explained Allianz’s rationale for rebranding the company to Allianz Taiwan Life: A powerful and well-known brand is a strategic asset and a key tool in a successful customer relationship. A strong brand provides orientation for the customer and differentiates it from the competition. Allianz is one of the strongest brands in the financial sector worldwide. Given that a strong brand positively influences purchase behavior, we believe that rebranding Allianz Taiwan Life is also a very good investment into the future success of our company.
According to Richard Fung, CEO of AZTL, the Taiwanese life insurer has performed well in recent years, and in 2006, was ranked among the top six life insurers in the country in new business.
AZTL has been engaged in new business in unit-linked products since 2003, with the help of Uni-President Group, its joint venture partner. Significant efforts have been devoted to develop unit-linked products and an investment platform. Looking forward, the group will continue its pursuit of professionalism, integrity, innovation, flexibility, and customer focus.
Mr Bowers added: We have a clear strategy for profitable growth in Asia Pacific. We want to expand consistently and continuously in all of our chosen markets, through organic growth and selected acquisitions. The move to obtain a close to 100% shareholding in AZTL demonstrates Allianz’s commitment to the large and significant Taiwan market. We want to continue to grow profitably in Taiwan, also under the new AZTL brand.