TAIPEI (XFN-ASIA) - The Financial Supervisory Commission (FSC) said it has approved China Life Insurance Co Ltd's (2823.TW) acquisition of Winterthur Life's Taiwan branch.
The deal will cut the number of foreign life insurers to eight in Taiwan, the FSC said in a statement.
China Life Insurance earlier disclosed a plan to buy the operations, assets and debts of Winterthur Life's Taiwan branch for about 400 mln twd.
Switzerland-based Winterthur Life is a member of the AXA group.
(1 usd = 32.60 twd)
adela.lin@afxasia.com
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