‘NO LANDMINE’:The life insurance firm said that a US$22.73m impairment booked last month was not reason to stop investing in Brazilian mining company Samarco
Date: Jan 14, 2016
By: Ted Chen / Staff reporter
Taiwan Life Insurance Co (台灣人壽保險) yesterday said it expects a 6 percent annual rise in first-year premium (FYP) collections this year to NT$100 billion (US$2.97 billion) as the nation’s oldest insurer begins operating under its new parent, CTBC Financial Holding Co (中信金控).
CTBC Financial last year acquired Taiwan Life through a share swap, with Taiwan Life to be the surviving insurance unit to leverage the company’s brand following a merger with the group’s CTBC Life Insurance Co Ltd (中國信託人壽).
Prior to the merger, the two companies were of similar scales, with CTBC Life Insurance’s FYP valued at NT$77.4 billion as of Jan. 1, compared to Taiwan Life’s NT$16.4 billion.
The insurer represents about 25 percent of CTBC Financial’s operations after the deal, Taiwan Life said at a press event to launch four new policies designed for the nation’s aging population. [FULL STORY]