October 19, 2017 / 6:33 AM / 2 years ago

CORRECTED-Allianz sells part of Taiwan life insurance portfolio to China Life​

(Corrects Reuters Instrument Code for China Life to Taiwan’s China Life from China’s China Life)

FRANKFURT, Oct 19 (Reuters) - German insurer Allianz said its Taiwan business had agreed to sell part of its traditional life insurance portfolio to China Life Insurance .

The deal includes a portfolio of around 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined IFRS policy reserves of 1.2 billion euros ($1.42 billion), Allianz said in a statement on Thursday.

It did not disclose the purchase price but said the transaction would have a positive impact on its Solvency II capital position. ($1 = 0.8473 euros) (Reporting by Maria Sheahan; Editing by Douglas Busvine and David Evans)

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