Taiwan’s CTBC Life gets approval for Manulife acquisition plan
21 November 2013
Category: News, Global, Taiwan, Canada
By Asia Asset Management
Taiwan’s Financial Supervisory Commission (FSC) announced on November 19 that it has granted approval for the acquisition of Manulife’s Taiwan unit by CTBC Life Insurance. The transaction is slated for completion by January 1, 2014.
In August, CTBC Financial Holding Co, the parent group of CTBC Life Insurance, announced plans to acquire the Canadian firm’s Taiwanese business for NT$724 million (US$24.04 million) as part of an effort to diversify its income sources and increase its earning potential.
Upon completion of the deal, CTBC Life Insurance’s total asset will be boosted from the current NT$164 billion to more than NT$200 billion. The number of clients and policies will increase to 513,000 and 900,000, respectively. The company’s ranking will go up three notches, making it the ninth largest insurer in Taiwan.