(For related story, click on [ID:nTP363664])
TAIPEI, Oct 14 (Reuters) - Beleaguered U.S. insurer AIG
(AIG.N) has agreed to sell its Taiwan unit Nan Shan Life for
$2.15 billion to Primus Financial and its Chinese partner China
Strategic Holdings (0235.HK).
Here are key merger and acquisition deals involving foreign
firms in Taiwan's insurance sector over the past five years.
* October 2009: U.S. insurer American International Group
sells Taiwan's No. 3 insurer Nan Shan to Primus, a financial
group run by a former Citigroup (C.N) banker and China
Strategic, a little known Hong Kong-listed company, for $2.15
billion. The deal is subject to Taiwan regulatory approval.
[ID:nTP307656]
* April 2009: Dutch insurer Aegon (AEGN.AS) (AEG.N) sells
its Taiwan insurance unit for 65 million euros to Zhongwei, a
Taiwan holding company set up by the chairman of Meifu
Development and the president of Taiwan Glass Industry.
[ID:nLM506850]
* February 2009: Britain's Prudential Plc (PRU.L) sells
most of its Taiwan insurance business to Taiwan's China Life
(2823.TW) for a token of T$1. In the deal, Prudential would own
a stake of about 10 percent in China Life, valued at T$2.18
billion ($70 million). [ID:nTP221645]
* October 2008: Dutch financial group ING (ING.AS) sells
ING Life in Taiwan to the island's Fubon Financial (2881.TW)
for $600 million. [ID:nTPU000762]
* October 2007: French insurer AXA (AXAF.PA), which is
Europe's second-biggest insurer by market capitalisation, sells
its Taiwan operations of Winterthur Life to Taiwan's China Life
for T$400 million.
* January 2007: Uni-President Group sells its 47 percent
stake of its insurance joint venture with Allianz (ALVG.DE) to
the German insurer for an estimated T$1.7 billion-T$1.8
billion.
* August 2004: Swiss company Zurich Financial Services
(ZURN.VX) transfers its Taiwan insurance business to unlisted
Farglory Life. Few details were available.
(Reporting by Lee Chyen Yee and Faith Hung)
(Editing by Clarence Fernandez)
Stocks | Mergers & Acquisitions
