Business News
US life insurance company MetLife quits Taiwan
Apr 19, 2010, 12:34 GMT
Taipei - The US life insurance company MetLife Inc on Monday announced its decision to sell its Taiwan business to a local financial firm.
MetLife agreed to sell to Waterland Financial Holdings for 3.55 billion Taiwan dollars (112 million US dollars), pending the approval of Taiwan financial regulators, MetLife and Waterland announced.
Waterland is to take over MetLife's full operations - 633 staff, 400,000 clients and 1 million life insurance policies.
MetLife said its withdrawal was caused by changes in Taiwan that do not fit its investment strategy and development goals.
Hung San-hsiung, chairman of Waterland, said the interests of MetLife clients would not be affected by the acquisition.
The decision makes MetLife the third foreign insurer to quit Taiwan in recent months after American International Group Inc and ING Group of the Netherlands.
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