Taishin Financial Holding and Aegon have finalized a joint venture agreement to develop and distribute life insurance and pension products in Taiwan.
The joint venture is expected to be operational by mid 2008, subject to final approval by regulatory authorities. Under the terms of agreement Taishin will hold 51% of the joint venture and Aegon the remaining 49%.
The joint venture will distribute life insurance and pension products through Taishin’s nationwide distribution network of 200 business locations, belonging to Taishin Bank, Taiwan Securities, Taishin Insurance Agency and Taishin Insurance Brokers. This network will be expanded by another 170 business locations if the planned merger between Taishin and Chang Hwa Bank goes ahead.
The joint venture with Aegon will further extend the range of financial products and services Taishin is able to offer its customers. Taishin and Aegon believe the Taiwanese market for retirement planning and wealth management solutions will continue to show strong growth in the years ahead. In particular, there is a rising demand for pensions and other related products.