August 4, 2004
Millea Holdings, Inc.
Acquisition of "Allianz President General Insurance Co., Ltd."
Millea Asia Pte. Ltd. ihereinafter "Millea Asia", CEO: Takaaki Tamaij, a wholly owned subsidiary of Millea Holdings, Inc.iPresident: Kunio Ishiharaj today reached an agreement with Allianz Group and Uni-President Group regarding the acquisition of Allianz President General Insurance Co., Ltd. ("AZPG") the 15th ranked non-life insurance company in Taiwan. The transaction is expected to be concluded around September 2004 on receipt of all regulatory approvals. Millea Asia will own more than 90% of the share of AZPG.
Asia is strategically one of the most important areas for Millea Group and Millea Asia has been expanding its insurance business through its affiliates in Asian region. It already invested 30% share into Newa Insurance Co., Ltd. ("Newa") in 2002 in Taiwan. Newa, the 10th ranked non-life insurance company in Taiwan, has strength in automobile insurance having splendid car dealer network, while AZPG has strength in commercial insurance with sales through excellent solicitors' (in-house agents) network. The combination is very much complemental for Millea Asia with not much overlap in business field and distribution network. This transaction will give a very good opportunity to Millea Asia to further expand its presence in Taiwan non-life insurance market.
Allianz President General Insurance Co., Ltd.
Head office :Taipei
Direct Premium :NT$ 3,463 million (ranked at 15th in 2003)
Net Assets : NT$ 1,403 million (December 31 2003)
Head office : Singapore
CEO : Takaaki Tamai
Total Assets : Singapore dollars 364 million (December 31 2003)
Net Assets : Singapore dollars 340 million (December 31 2003)
Millea Asia was founded in December 2002 as the intermediate holding company and Asian regional head quarter of Millea group. Currently, it manages 14 local group companies engaged in businesses related with non-life and life insurance in Asian countries. The company also provides management and technical support to its subsidiaries and affiliates.
Newa Insurance Co., Ltd.
Head office : Taipei
Direct Premium : NT$ 4,917 million (ranked at 10th in 2003)
Net Assets : NT$ 2,076 million (December 31 2003)