A leadership reshuffle within China Life Insurance Co (
Previously controlled by Koo Chen-fu (
"With support from Jeffrey Koo's Chinatrust Commercial Bank (中國信託商銀), the insurer's stock price is likely to climb ...," former president of Wealth Magazine (財訊) Hsieh Chin-ho (謝金河) said yesterday, adding that the insurer's reassessment of assets also helped boost shareholder confidence.
The firm's stock price yesterday rose NT$0.45, or 6.4 percent, to NT$7.50. The insurer estimates it stock is worth NT$52.12, according to written statement release by the company.
The firm's board meeting on Wednesday accepted the resignations of two top officials, Koo Chen-fu and his son Chester Koo (辜啟允), who cited health concerns. It appointed Jeffrey Koo's son Koo Chung-li (辜仲立) and Yen Ho-yuan (顏和永) as its chairman and president respectively -- a move to strengthen Jeffrey Koo's grip on power.
The appointment of Koo Chung-li, 34 -- Jeffrey Koo's third oldest son -- represents his father's willingness to take over the insurer's problems after its former president Chester Koo took on debts of more than NT$50 billion, Hsieh said.
Moreover, the 74-year-old Yen, who was the insurer's vice chairman and vice president for more than four years, will assist the younger Koo with his 18 years of experience with the Koo Group (
Yen formerly served as chairman of Taiwan Fuji Xeros Corp (
Hsieh said that Jeffrey Koo, whose business in the financial sector is healthy and strong, is the only member of the Koo family -- one of Taiwan's richest families with business interests ranging from cement to communications -- who is capable of reviving the ailing insurer.
Since Jeffrey Koo has also placed his sons in key positions at Chinatrust and KGI Securities Co (中信證券), pundits said that the China Life reshuffle might signal plans to merge the insurer into a financial holding company that Chinatrust plans to set up -- speculation that the bank has denied.
"[The merger] is the main reason for the changes," said James Lin, who manages NT$ 1.2 billion (US $35 million) in stocks at Apollo Securities Investment Trust Co (阿波羅投信). "And from that perspective, it's positive for China Life."
Echoing Lin's view, Hsieh said that the leadership change at China Life showed that Koo Chen-fu planned to focus his business interests on the cement, cable television and communications sectors, while Jeffrey Koo would further expand his interests in the banking, securities and petrochemical industries.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source