CDFHC expects gains after Taiwan insurer acquisitionNovember 2 2017 by InsuranceAsia News Staff
After acquiring a new foothold in Taiwan’s life market, Development Financial Holding Corp (CDFHC) is expecting what it has called “synergistic gains”.
In September, CDFHC rose to become the biggest shareholder in Taiwan’s China Life Insurance Co after raising its stake in the insurer to 34.96%.
The move was part of CDFHC’s efforts to reallocate capital in order to transition from low-leverage direct investments into a well-rounded financial company with high leverage and also offering a vast array of services.
After the acquisition, CDFHC’s total assets surged from about NT$900 billion to NT$2.3 trillion (US$29.8 billion to US$76.2 billion).
At that amount, it ranked tenth out of the nation’s 16 financial holding companies.
At present, CDFHC is aiming to increase China Life’s policy sales through the branch networks of its subsidiaries, KGI Bank and KGI Securities Co, to generate improved premium income and profit.
- January 22
Richard Nunn will leave the pension fund to join the insurer as chief executive in May.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 14
There is a bidding war for a 23% stake of Canara HSBC Oriental Bank of Commerce Life.
- January 9
General manager Lance Tay says the firm will focus on the "mass affluent" after a surge in demand.