MetLife Insurance mulls quitting Taiwan
Dec 28, 2009, 15:06 GMT
Taipei - MetLife Inc, the largest US life insurer, is pondering leaving Taiwan due to a worsening business climate, an official said Monday.
Sean Chen, chairman of the Financial Supervisory Commission, told parliament that MetLife is mulling pulling out of Taiwan.
'The reasons include changes in Inaternational Accountancy Standards and unsatisfactory investment environment, including eroded profit margin and foreign insurers are not allowed to invest in government bonds,' he said.
MetLife entered the Taiwan market in 1988 and has 400,000 clients.
Rumours about MetLife's quitting Taiwan have been circulating for some time.
Bidders for MetLife's Taiwan operations, worth at least 100-200 million US dollars, included Chinatrust Financial Holding Co. and Cardif Assurance Vie, the daily said.
If MetLife quits Taiwan, it will become the fifth foreign insurer to leave Taiwan in 2009.
The previous four foreign insurers which quit Taiwan this year are ING Group (Dutch), PCALIFE (British), AEGON (Dutch) and American International Group (AIG) (US).