CTBC Financial Holding Co (中信金控) yesterday said its life insurance business would account for 20 percent of its total net income in five years time, compared with 12 percent at present, as the company expects synergy from its latest acquisition, Taiwan Life Insurance Co (台灣人壽保險).
The company’s decision to buy Taiwan Life through a share swap, a transaction that is expected to be finalized by the end of this year, might contribute more than NT$2 billion (US$65.19 million) net profit per year, CTBC Financial president Daniel Wu (吳一揆) told a media briefing.
In the first quarter, CTBC reported net income of NT$9.77 billion, or NT$0.64 per share, with CTBC Bank Co Ltd (中國信託銀行) accounting for more than 70 percent of its total net income and CTBC Life Insurance Co Ltd (中國信託人壽) contributing 12 percent.
“The Taiwan Life deal might enable the company to lift the assets of its life insurance sector to 20 percent of total assets,” Wu said.
In addition, CTBC Financial might see its life insurance business to save expenditure of NT$600 million per year after the acquisition, he said.
In the meantime, the increase in assets is set to raise the life insurer’s investment funds and generate an additional NT$1 billion investment gain, the company projected.
Wu said he expects the company to see more business opportunities through clients in the life insurance sector, which could contribute about NT$300 million profit per year.
Wu said that CTBC Life and Taiwan Life have got a different specialty in terms of sales channels.
The former focuses on telemarketing and bancassurance areas, while the latter showing solid strength in its sales representatives, he said.
Therefore, CTBC Financial expects the latest acquisition to generate more business potential for high-value policies, he said.
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