Aviva has today been granted permission to establish a life insurance joint venture in Taiwan by The Financial Supervisory Commission (FSC). The new company, to be called First-Aviva, is a joint venture between Aviva and First Financial Holdings Co Ltd (FFHC).
Aviva has today been granted permission to establish a life insurance joint venture in Taiwan by The Financial Supervisory Commission (FSC). The new company, to be called First-Aviva, is a joint venture between Aviva and First Financial Holdings Co Ltd (FFHC).
Aviva first received approval from the board of directors of the FFHC in April 2007 to form a joint venture. Since then, it has been working to seek FSC's regulatory permission for its establishment.
First-Aviva is now preparing for the next stage which is to get ready for FSC's approval of its operational license.
FFHC will hold 51% of the equity share capital of First-Aviva, with Aviva holding the remaining 49%. The initial paid up capital of the company will be NT$2.25 billion. This agreement will be the first joint venture between a local financial holding company and a foreign insurance group.
First-Aviva will manufacture long-term savings and pension products in Taiwan and distribute them through an exclusive bancassurance agreement with First Commercial Bank, FFHC's flagship subsidiary. This operating model is a first for the insurance industry in Taiwan.
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Enquiries:
Jessica Lee
Aviva Asia Pacific Regional Office
DID: +65 7829 1866
Mobile: +65 9769 8261
E-mail: jessica_lee@aviva-asia.com
Notes to editors:
- Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
- In Asia Pacifc, Aviva operates in Singapore, Hong Kong, China, India, Sri Lanka, Malaysia, Taiwan, Australia and the Middle East. It sells its products and services via a multi-distribution model including direct sales force, brokers and bancassurance channels.
About First Financial Holding Co, and First Commercial Bank
- Listed in the Taiwan Stock Exchange, the First Financial Holding Co, Ltd. was incorporated on 2 January 2003. The company has an asset size of NT$1.6 trillion (£25.8 billion), more than five million customer base and excellent client relationships built over a century
- Beside its securities and asset management arms, First Financial Holding's flagship entity is the First Commercial Bank.
- Founded in 1899, the First Commercial Bank was one of three government-affiliated banks with leadership positions in the areas of SME business-banking, home mortgage, mutual-fund distribution, trade finance, deposit and lending.
- The First Commercial Bank currently operates 194 service branches across Taiwan.