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Finance, insurance sector's real-estate stake climbs taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
Shin Kong Life, one of Taiwan s biggest life insurers, is expected to post a gain of CNY428m ($66.3m) on the disposal of its remaining 25% stake in a loss-making life joint venture in mainland China. The gain is expected to be booked by the Taiwanese insurer in its financial statements for this year. Shin Kong Financial Holdings, the parent company of Shin Kong Life, disclosed the news on 29 June. The board of directors of Shin Kong Life approved the sale of its 312.5m shares (25% equity) in Bejing-based Dingcheng Life. The deal amounts to CNY462.5m, with the sale price being CNY1.48 per share. The buyer is the Wuxi-headquartered conglomerate Hodo Group. The sale is pending the approval of the CBIRC for it to be completed. ....
This tracker covers possible deals reported by media across Asia-Pacific over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month s report. Australia and New Zealand emerged as bright spots for potential deals in Asia-Pacific s financial sector in March, as Westpac Banking Corp. kicked off a review of its New Zealand business and suitors lined up for the potential purchase of Commonwealth Bank of Australia s general insurance business. Westpac, Australia s third-largest bank by assets, said it was considering a possible demerger of its New Zealand business as part of its review concerning an appropriate structure for the business. The bank s March 24 announcement came after the New Zealand central bank flagged concerns over Westpac New Zealand Ltd. s risk governance processes and required it t ....
Shin Kong Life fined over insurance agent misdeeds taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
Life insurers report losses from forex losses By Kao Shih-ching / Staff reporter Nan Shan Life Insurance Co (南山人壽), Shin Kong Life Insurance Co (新光人壽) and Taiwan Life Insurance Co (台灣人壽) reported losses last month due to foreign exchange losses, the companies’ data showed. Nan Shan Life on Thursday reported a net loss of NT$2.36 billion (US$82.98 million) for last month, as the company set aside additional reserves of NT$3 billion to write off part of its foreign exchange losses amid the New Taiwan dollar’s appreciation against the US dollar. The company’s first-year premiums (FYP) fell 2 percent annually to NT$7.38 billion last month, and its cumulative FYP totaled NT$97.8 billion for the first 11 months, down 38 percent year-on-year. ....