ALLIANZ TO LAUNCH LIFE OPERATIONS IN JAPAN

European insurer Allianz is to set up a unit in Japan to sell variable annuities through the bancassurance channel, reports Nikkei . The new unit is likely to be capitalized at less than ¥100bn. Allianz was also said to be considering the establishment of an insurance holding company to oversee Allianz Fire & Marine Japan and the new assurance operation. Allianz is expected to begin new operations at the start of 2008, following this with the development of third-sector policies and distribution through agencies as well as via banks.