Germany's Allianz to launch life insurance ops in Japan - report |
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Wed, 28 Feb 2007 23:07
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TOKYO (XFN-ASIA) - German insurance giant Allianz SE will enter the Japanese life insurance market by setting up a unit to sell variable annuities via bank branches, the Nikkei reported, without citing sources.As it intends to offer a broad range of insurance services in Japan, Allianz is considering eventually setting up an insurance holding company that will oversee both the to-be-established life insurer and local nonlife insurance unit Allianz Fire & Marine Insurance Japan Ltd, the business daily said.The holding company may even be expanded to become a comprehensive financial holding firm by bringing group investment firms and other units under its umbrella, it said.Allianz hopes to begin operations at its new Japanese life insurance unit at the start of next year after being licensed by the Financial Services Agency, the Nikkei said.(1 usd = 118.42 yen)yasuhiko.seki@xfn.comys/mas
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Allianz sees 2006 results of German operations in line with expectations 