Indonesia-based CTBC Life Insurance has purchased Taiwanese life insurance operations of Canada-based diversified financial conglomerate Manulife Financial, for an undisclosed sum.
The acquisition will enable the Indonesian insurer to further strengthen its underwriting business in the country by offering diversified products and services to its clients.
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Manulife’s insurance business in Taiwan focuses on the marketing of retirement/annuity and investment-related products in the country.
The Taiwanese insurer will assume all of the life insurance business-related obligations of Manulife (International) Taiwan Branch, based on the terms of the agreement initially signed in July 2013.
The transaction will increase the minimum continuing capital and surplus requirements (MCCSR) ratio of Manulife Financial’s key operating subsidiary, Manufacturers Life Insurance Company (MLI), by nearly 3% points.
Manulife Asset Management in Taiwan will not be affected with the current transaction and the company will remain committed to its asset management business.
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