DerksVisie schreef op 14 september 2016 14:44:
Fubon is dus daadwerkelijk geïnteresseerd in de overname van verzekeraars, blijkt uit volgende mediabericht:
" Six Taiwanese financial holdings and insurance entities are reportedly seeking to launch a takeover bid for the financially-stressed Chaoyang Life Insurance Co (Chaoyang Life) after the insurer was placed under government receivership by the Financial Supervisory Commission (FSC) late last year to prevent further deterioration of the insurer’s financial condition.
Jenny Lee, Insurance Bureau director-general, previously told local media that Chaoyang Life had repeatedly failed to carry out its proposed financial-improvement measures and that its negative net worth continued to worsen on an annual basis, amounting to about US$65.23 million in the red as of December 2015.
According to China Times, the FSC has scheduled putting up Chaoyang Life for tender in late October this year.
The regulatory watchdog is said to have released a slew of concessionary measures such as introducing a 5% (NT$25 billion ($789.8 million)) overseas investment quota and relaxing the rules on its risk-based capital (RBC) ratio to entice bidders. Additionally, Chaoyang Life’s existing investments in offshore Grade-A credits will be exempted from the 5% overseas quota.
Under the current rules, insurers with RBC ratios of less than 50% might be taken into government control to ensure that the interests of customers and employees are protected.
Six local financial holdings and insurance companies including Fubon Financial Holdings, SinoPac Holdings, Nan Shan Life Insurance, and Mercuries Life Insurance have reportedly shown interest to participate in the bidding.
Chaoyang Life has approximately NT$36.1 billion of insurance assets with 123,000 active policies; it recorded an after-tax loss of about NT$447 million in 1H2016.
This is not the first time that the FSC has had to take over distressed domestic insurers. In 2014, Global Life Insurance Co and Singfor Life Insurance Co were put under government receivership as a result of their worsening financial statuses. Both firms were subsequently acquired by Cathay Life Insurance in March 2015.
According to the Taiwan Insurance Institute, Taiwan’s insurance industry had approximately NT$20.59 trillion in total assets as of December 2015, accounting for 30.32% of the island state’s total financial assets."
www.asiaasset.com/news/Chaoyang-Life_...(Notabene 36,1 miljard Taiwanese Dollars is ongeveer 1 miljard euro)