Taishin to buy Prudential Life Insurance for NT$5.5 billion

CNA file photo

TAIPEI (CNA) — Taiwan’s Taishin Financial Holdings Co. Ltd. announced Tuesday that it will purchase Prudential Life Insurance Company of Taiwan Inc. for NT$5.5 billion (US$187 million).

Taishin President Welch Lin (林維俊) made the announcement at a press conference held at 7:30 p.m. in Taipei, noting that the acquisition still requires the approval of the Cabinet-level Financial Supervisory Commission.

In its statement, Taishin, one of major financial holding companies in Taiwan, said the deal will help the company integrate its financial business in the areas of banking, securities and insurance, and offer clients more service options.

Taishin also said it will retain all Prudential Life Insurance staff because “employees are always the most important assets.”

According to news reports from the United States, the New Jersey-headquartered Prudential Financial, Inc. said Tuesday it has entered into a definitive agreement to sell its entire life insurance business in Taiwan.

The company said that the transaction is consistent with its strategic focus internationally on Japan and higher-growth emerging markets around the world, the reports said.