Taishin and AEGON Finalize Taiwan Life Insurance and Pension Joint Venture
December 07 2007 - 3:04AM
PR Newswire (US)
TAIPEI, Taiwan and THE HAGUE, The Netherlands, December 7
/PRNewswire-FirstCall/ -- Taishin Financial Holding Co. Ltd.
("Taishin") and AEGON N.V. ("AEGON") 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 51% of the joint venture and AEGON the
remaining 49%. The joint venture will distribute life insurance and
pension products through Taishin's nationwide distribution network
of 200 business locations, belonging to Taishin Bank, Taiwan
Securities, Taishin Insurance Agency and Taishin Insurance Brokers.
This network will be expanded by another 170 business locations if
the planned merger between Taishin and Chang Hwa Bank goes ahead.
The joint venture with AEGON will further extend the range of
financial products and services Taishin is able to offer its
customers. Taishin and AEGON believe the Taiwanese market for
retirement planning and wealth management solutions will continue
to show strong growth in the years ahead. In particular, there is a
rising demand for pensions and other related products. The joint
venture between Taishin and AEGON is a milestone in the future
development of Taishin Holdings. As part of its growth strategy,
AEGON has recently sought to expand its global distribution
network, particularly through new partnerships with banks. AEGON
first entered the Taiwanese market as a greenfield in 1993 and
since then has grown into a fully-fledged life insurance company.
AEGON Taiwan is now the sixth largest foreign life insurer in the
country(i). In addition to the new life insurance joint venture
with Taishin, AEGON Taiwan will also continue to provide its full
range of products and services through its various existing
distribution channels. (i) Source: Life Insurance Association
Taiwan, based on new business premium, APE basis, in USD - 2006.
About AEGON AEGON is one of the world's largest life insurance and
pension companies, and a strong provider of investment products.
AEGON empowers local business units to identify and provide
products and services that meet the evolving needs of customers,
using distribution channels best suited to local markets. AEGON
takes pride in balancing a local approach with the power of an
expanding global operation. With headquarters in The Hague, the
Netherlands, AEGON companies employ approximately 30,000 people
worldwide. AEGON's businesses serve 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. Respect, quality, transparency and trust constitute
AEGON's core values as the company continually strives to meet the
expectations of customers, shareholders, employees and business
partners. AEGON is driven to deliver new thinking with the ambition
to be the best in the industry. About Taishin Taishin Financial
Holdings was established on February 18, 2002 upon the completion
of the merger between Dah An Commercial Bank and Taishin
International Bank. The merger marked the very first voluntary bank
merger in Taiwan's history. In the same year, Taishin Bills Finance
and Taiwan Securities came under the umbrella of Taishin Financial
Holdings. Taishin is now comprised of Bank, Securities, Bills
Finance, Asset Management, Marketing Consultant, and Venture
Capital as subsidiaries. In 2005, Taishin acquired 22.5% of Chang
Hwa Commercial Bank. Taishin now ranks 2nd among financial holding
companies in terms of asset size in Taiwan. As of May 2007, foreign
institutional investors accounted for 40% of Taishin's shareholding
structure, with Newbridge, Nomura and Soros being the largest
shareholders. Taishin is the first in the industry to restructure
its extensive businesses into three segments: Retail Banking,
Wholesale Banking, and Wealth Management. The group adopts a
customer-centric approach by offering products and services that
are tailored to its customers' needs. The strategy of
customer-driven by way of innovation and its outstanding
performance contributes handsomely to Taishin's customers,
shareholders and employees. Taishin's extensive marketing network
positions it as the market leader with a wide range of financial
services and products that are readily accessible for clients via
both physical and virtual networks comprising 200 business
locations and 2 overseas representative offices, over 2,600 ATMs,
internet banking, 700 professional consultants and financial
planners. To upgrade customer services, Taishin continues to
develop new service channels. Taishin plans to launch mini branches
in hospitals, install new ATMs, and set up "convenience banks" in
convenience stores. The ever-evolving platform promises to deliver
one-stop shopping solution to fill the financial needs of its
clients. Forward looking statements The statements contained in
this press release that are not historical facts are
forward-looking statements as defined in the US Private Securities
Litigation Reform Act of 1995. The following are words that
identify such forward-looking statements: believe, estimate,
target, intend, may, expect, anticipate, predict, project, counting
on, plan, continue, want, forecast, should, would, is confident,
will, and similar expressions as they relate to our company. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
We undertake no obligation to publicly update or revise any
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which merely
reflect company expectations at the time of writing. Actual results
may differ materially from expectations conveyed in forward-looking
statements due to changes caused by various risks and
uncertainties. Such risks and uncertainties include but are not
limited to the following: Changes in general economic conditions,
particularly in the United States, the Netherlands and the United
Kingdom; Changes in the performance of financial markets, including
emerging markets, such as with regard to: The frequency and
severity of defaults by issuers in our fixed income investment
portfolios; and The effects of corporate bankruptcies and/or
accounting restatements on the financial markets and the resulting
decline in the value of equity and debt securities we hold; The
frequency and severity of insured loss events; Changes affecting
mortality, morbidity and other factors that may impact the
profitability of our insurance products; Changes affecting interest
rate levels and continuing low or rapidly changing interest rate
levels; Changes affecting currency exchange rates, in particular
the EUR/USD and EUR/GBP exchange rates; Increasing levels of
competition in the United States, the Netherlands, the United
Kingdom and emerging markets; Changes in laws and regulations,
particularly those affecting our operations, the products we sell,
and the attractiveness of certain products to our consumers;
Regulatory changes relating to the insurance industry in the
jurisdictions in which we operate; Acts of God, acts of terrorism,
acts of war and pandemics; Changes in the policies of central banks
and/or governments; Litigation or regulatory action that could
require us to pay significant damages or change the way we do
business; Customer responsiveness to both new products and
distribution channels; Competitive, legal, regulatory, or tax
changes that affect the distribution cost of or demand for our
products; Our failure to achieve anticipated levels of earnings or
operational efficiencies as well as other cost saving initiatives;
and The impact our adoption of the International Financial
Reporting Standards may have on our reported financial results and
financial condition. Contact Information AEGON, The Hague, NL
Analysts +31(0)70-344-83-05 & Investors Media
+31(0)70-344-83-44 E-mail Website http://www.aegon.com/
AEGON,Baltimore, USA Analysts 877-548-9668 (toll free - USA only)
& +1-410-576-45-77 Investors E-mail Taishin, Taipei Analysts
+886-2-5576-2301 & Investors Media +886-2-5576-2303 E-mail
Website http://www.taishinholdings.com.tw/ DATASOURCE: AEGON N.V.
CONTACT: AEGON, The Hague, NL, Analysts & Investors,
+31(0)70-344-83-05, Media, +31(0)70-344-83-44, E-mail, ;
AEGON,Baltimore, USA, Analysts & Investors, 877-548-9668 (toll
free - USA only) +1-410 576 45 77, E-mail, ir@aegonusa; Taishin,
Taipei, Analysts & Investors, +886-2-5576-2301, Media,
+886-2-5576-2303, E-mail, ,
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