Regulators approve Taishin acquisition of Prudential Life Taiwan

Taishin will retain all Prudential employees and increase required capital.

The acquisition of Prudential Life Insurance Company of Taiwan by Taishin Financial Holdings has been approved by regulators with several conditions, according to the country’s Central News Agency.

Taishin has agreed to retain all Prudential employees and ensure existing Prudential customers are not affected by the deal. It will also hike the capital required to run the life insurer for the next 10 years, Insurance Bureau (IB) deputy director-general Thomas Chang said.

The deal was approved by the Fair Trade Commission in November, but the FSC has been negotiating with Taishin over the details of the merger, including funding and capital requirements to run an insurance unit.

Prudential Life will give Taishin more engine to drive business, other than its core units of Taishin International Bank and Taishin Securities, Taishin president Welch Lin said.