NY Life Insurer to Exit Taiwan Market

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American insurance firm New York Life is currently in negotiations with Yuanta Financial regarding the sale and acquisition of the firm's assets in Taiwan. The deal was relayed to Reuters by two individuals familiar with the negotiations who spoke on condition of anonymity.

This is another company that is exiting the Taiwanese market. The deal though is not yet final as it is still subject to approval by regulatory authorities in Taiwan.

The deal is expected to be around the NT$100 million or US$3.3 million range. This was the price previously agreed upon when the same asset was offered for sale to Taishin Financial but was denied approval by regulatory authorities in Taiwan.

According to one of the sources, "Their strategy is to exit Taiwan as soon as possible. They don't really care about how much money they will get. We talked to them this month. They said they are negotiation with one potential buyer."

The spokesperson for Yuanta, Y.D. Chuang declined to make any comment while the Taiwan office of New York Life was not immediately available to provide a comment on the matter.

Tags
Taiwan, Market

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