Under the agreement, CTBC Life will assume virtually all of the life insurance business-related obligations of Manulife (International) Limited Taiwan Branch, and will offer employment to all existing employees and agents.
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Following the transaction, the Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of The Manufacturers Life Insurance Company (MLI), is expected to increase by approximately three percentage points.
The completion of the transaction is subject to typical closing conditions, including receipt of regulatory approvals, and is expected to close by the end of 2013.
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