Staff
Manulife Financial has agreed to sell its life insurance operations in Taiwan to CTBC Financial, one of the largest financial holding companies in that country.
Financial terms of the deal were not disclosed. The sale is not expected to have a material impact on Manulife’s consolidated financial results.
Completion of the transaction is subject to typical closing conditions, including receipt of regulatory approvals, and is expected to close by the end of 2013.
Manulife says it remains committed to its asset management operations in Taiwan, which will not be impacted by the transaction.
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