First-Aviva's establishment permission is approved by The Financial Supervisory Commission (FSC). Now First-Aviva is moving forward to the next phase- getting ready for FSC's approval of its business license.
First-Aviva's establishment permission is approved by The Financial Supervisory Commission (FSC). Now First-Aviva is moving forward to the next phase- getting ready for FSC's approval of its business license.
First-Aviva Life Insurance Co, Ltd is a life insurance company as a result of joint venture between First Financial Holdings Co Ltd (FFHC) and Aviva.
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 form the first joint venture of a local financial holding company and a foreign insurance group, and lead a new operational model for the insurance industry in Taiwan.
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, that has 188 branches island wide. First-Aviva will create innovative services and products for its customers.
First-Aviva combines FFHC's historical groundwork over a hundred years with Aviva which is the largest writer of life insurance and pensions business in Europe. It is dedicated to providing "Double-First" quality for its customers in Taiwan.
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For more information, please contact:
Cynthia Hsu
Phone: 8758-1069
Fax: 8786-7789
E-mail : cynthia_hsu@aviva-asia.com
Zing Jao
Phone: 8758-1067
Fax: 8786-7789
E-mail: zing_jao@aviva-asia.com
Notes to editors :
About Aviva
- Aviva plc is the world's fifth-largest insurance group and the UK's largest insurance services provider (based on gross worldwide premiums at 31 December 2006), and is one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world.
- 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 Pacific, 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 (including branches and service representative offices) across Taiwan.