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The publicly-listed financial conglomerate will confirm its decision on bidding by early July. At the moment, Chinatrust chief investment officer Daniel Wu said the company will not comment on "any ongoing merger and acquisition case."
Nan Shan Life spokeswoman April Pan said AIG is now reviewing "various options," and the company has no "concrete plan" and time line for the review. Pan said the company will not comment on any market speculation on the sale of Nan Shan Life in Taiwan.
Chinatrust operates businesses in banking, wealth and asset management, securities and insurance in Taiwan. The financial group posted a net income of NT$14.7 billion (US$448 million) in 2008.
China Life Insurance Co. Ltd. of Taiwan [84193], a life insurance subsidiary of Chinatrust, had recently acquired the assets and liabilities of the agency distribution business and agency force of Prudential plc [85925] in Taiwan. (BestWire, Feb. 20, 2009) The UK-based Prudential then invested 45 million pounds (US$75 million) to purchase a 9.99% stake at China Life.
Chinatrust said its expansion into insurance has enhanced its foothold in Taiwan's insurance sector with the offering of an integrated financial services to its existing clients based upon its banking unit's bancassurance networks.
Established in 1963, Nan Shan Life is 95% owned by AIG, with the remaining shares held by small local investors. It claims to rank among the top five life insurers in Taiwan.
With more than 7.9 million policies and 4 millions customers, Nan Shan Life reported total assets of NT$1.5 trillion in March 2009. The life insurer offers comprehensive individual and group insurance products including life, annuities, investment, health, accident and travel policies. It has 24 branches and 420 agency offices in Taiwan.
Nan Shan Life reported total premiums of NT$222 billion for the financial year ended Nov. 30, 2008, down from the previous year's NT$256 billion. The life insurer also experienced a drop in market share to 11.4% from the previous year's 13.7% in Taiwan.
Last November, Nan Shan Life received NT$45.1 billion of capital from its parent AIG in a bid to strengthen its capital base (BestWire, Nov. 18, 2008).
AIG has two life subsidiaries in Taiwan. Alico Taiwan, a life subsidiary of American Life Insurance Co. Ltd. [06081], will be incorporated under the AIA Group.
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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