Friday, November 24, 2017

Nan Shan Life takes over Chaoyang Life in Taiwan

The Taiwanese government is paying NT$200 million (US$6.25 million) to Nan Shan Life Insurance to take over loss-making Chaoyang Life.

An official of the Financial Supervisory Commission told Reuters that Nan Shan Life, one of Taiwan’s top five insurers, will complete the acquisition before May of this year.

The latest move is part of the government’s programme that offers incentives to insurers willing to take over smaller players in financial distress.

Nan Shan Life and other large insurers, such as Cathay Life Insurance and Fubon Life Insurance, have grown to dominate Taiwan’s insurance market, leaving smaller players such as Chaoyang unable to compete.

In January 2016 Chaoyang Life Insurance was placed under government receivership to prevent further deterioration of the insurer’s financial condition.

Nan Shan Life provides insurance policies to approximately six million policyholders for protection and insurance, and financial planning services through a network of 24 branches and approximately 370 agency offices.

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