News Life and Health20 Apr 2018

Taiwan:Financial holding group aims for 100% ownership of local insurer

20 Apr 2018

China Development Financial Holding Corp has unveiled its roadmap for the next three years, which includes raising its stake in Taipei-based China Life Insurance to 100%.

“We are to make China Life a fully owned subsidiary by the end of 2020, from the current 35% stake, through means that are beneficial to both sides,” China Development president and CEO Alan Wang told an investors’ conference in Taipei.

Mr Wang did not to elaborate on how the firm plans to do so except to say that a share swap would be unfavourable to China Development shareholders because their interest in the group would be diluted, reports The Taipei Times.

The life insurance arm generated NT$3.68 billion (US$125.31 million) in net income last year, accounting for 35% of China Development’s overall earnings, company data showed.


 

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