(PRESS RELEASE) MUNICH, 4-Feb-2020 — /EuropaWire/ — Allianz SE announced it will establish a life insurance joint venture (JV) with bank holding group AEON Financial Service (AFS). The newly formed joint venture will focus on developing and marketing life insurance solutions for the local Japanese market.
The deal will see Allianz’s global financial expertise in insurance and risk management combined with the local retail expertise and expansive distribution network of AFS and the AEON Group. The result for the local customers in Japan will be the increased access to market-leading protection, health and savings products and services.
According to the deal structure, AEON Financial Service will control 60 percent stake in Allianz Life Insurance Japan Ltd. while the rest 40 percent ownership will be retained by Allianz. Existing policyholders in Allianz Life Insurance Japan Ltd. will not be affected by the transaction.
Regulatory approval is required for the deal to complete as new information will be shared as it becomes available.
The newly formed joint venture will allow Allianz to tap into the world’s third largest economy by leveraging the capabilities of a strong local partner. According to the joint venture new products and services will be introduced on the market soon.
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