Manulife Financial Corp. (TSX:MFC) 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) Ltd. Taiwan Branch, and will offer jobs to all existing employees and agents.
Details of the transaction were not disclosed although 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.