Allianz Life Enters Japan’s VA Market
April 6, 2008
Allianz Life Insurance Japan Ltd., a unit of Allianz SE, will begin distributing deferred variable annuities through Nikko Cordial Securities in April. Allianz obtained its license to sell life insurance products in Japan on March 7.
Allianz Life will first sell variable annuities through Nikko Cordial, then eventually pursue sales partnerships with other major brokerages and banks. If annuity sales pick up, the insurer will consider introducing other types of life insurance, including those offering medical coverage and death benefits.
"We will also consider sales through other channels in addition to financial institutions, such as independent agents," said Allianz Life President Ichiro Miyake. The Allianz group's sales in Japan until now have consisted primarily of non-life insurance for corporate customers.
With baby boomers retiring en masse and banks now allowed to sell a wide range of insurance products as a result of deregulation, the unit of German insurance giant Allianz SE will target opportunities in the domestic market.
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