Manulife Financial subsidiary to sell life insurance business in Taiwan

TORONTO — Manulife Financial Corp. says its subsidiary, Manulife (International) Ltd. has agreed to sell its life insurance business in Taiwan to CTBC Life Insurance Co., Ltd., a subsidiary of CTBC Financial Holding Co., Ltd.Under the agreement, CTBC Life will assume virtually all of the life insurance business-related obligations of Manulife (International) Lrd. Taiwan Branch, and will offer jobs to all existing employees and agents.CTBC Financial Holding Co Ltd , the parent of Taiwan’s top credit card issuer, will acquire the local insurance unit of Manulife Financial for less than T$1 billion (US$33 million), said a source with direct knowledge of the deal on Wednesday.The deal marks the latest exit by a global financial company of the island’s crowded life insurance market. AIG and New York Life are among those that have left the Taiwan market in recent years.Manulife Financial says the sale is not expected to have a material impact on its consolidated financial results.The deal is expected to close by the end of 2013, pending typical closing conditions and regulatory approvals.Manulife Financial says its asset management operations in Taiwan, Manulife Asset Management (Taiwan) Co., Ltd, is a separate operation and not impacted by this transaction.Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States.Manulife Financial and its subsidiaries had $555 billion in funds under management as of March 31.

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