GLOBAL - Allianz, the German insurance giant, said that it will sell its Mexican annuities company to HSBC for US$29m.
Allianz Rentas Vitalicias will be sold to Grupo Financiero HSBC, a subsidiary of HSBC Holdings, subject to regulatory approval.
This transaction follows the sale of the Allianz pension fund company AFORE Allianz Dresdner in August 2003 to HSBC.
“Both sales are part of Allianz’s strategy to reduce complexity and focus on core markets and business.
“Allianz Mexico confirms its commitment to further profitable growth in its core insurance activities, where the company achieved the highest growth rate of the Mexican insurance industry in 2003,” the company said in a press statement.
Allianz Rentas Vitalicias was founded in 1997 in the course of the privatisation of the Mexican pension system. Its customers currently receive annuities assigned through the nation’s private sector social security system.
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