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AEGON finalizes Taiwan life insurance and pension joint venture
Partners with banking group
Tags: Excerpts from the Windmill
TAIPEI, Taiwan — Taishin Financial Holding Co. Ltd. and AEGON N.V. 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 a memorandum of understanding signed earlier this year, Taishin will hold a 51% stake in the joint venture. The new firm will distribute life insurance and pension products through Taishin's nationwide distribution network of 200 business locations, including those of the Taishin Bank and insurance brokers. This network will be expanded by another 170 locations if and when a merger between Taishin and the Chang Hwa Bank is finalized.
The joint venture with AEGON will further extend the range of financial products and services Taishin offers its clients. The joint venture partners believe the Taiwanese market for retirement planning will continue to show strong growth in the years ahead.
As part of its growth strategy, AEGON wants to expand its global distribution network, particularly through new partnerships with banks. AEGON first entered the Taiwanese market in 1993 and since then has grown into a fully-fledged life insurance provider. AEGON Taiwan is now the sixth largest foreign life insurer in the country and will also continue to operate its own existing distribution channels.
With headquarters in The Hague, the Netherlands, AEGON is one of the world's largest life insurance and pension companies and employs approximately 30,000 people. Through its stable of companies, AEGON serves millions of customers in over twenty markets throughout the Americas, Europe, and Asia, with major operations in the United States, the Netherlands and the United Kingdom.