Fubon Life Assurance Co (富邦人壽) formally merged with ING Antai Life Insurance Co (安泰人壽) yesterday, projecting NT$170 billion (US$5.25 billion) in income from first-year premiums this year.
The new entity, Fubon Life Insurance Co, had previously set a target of NT$125 billion for this year and recorded NT$56.7 billion in income from first-year premiums between January and April.
Fubon Life chairman Richard Tsai (蔡明興) said the new company was the nation’s second-largest insurer after Cathay Life Insurance Co (國泰人壽), with 3 million policyholders. Fubon Life reported NT$282.07 billion in fee income last year.
“Hopefully the merger will multiply the company’s profits and shake up market share in the insurance sector,” Tsai told a banquet ceremony.
He also said the company planned to increase its stake in real-estate investment from 3 percent to 10 percent of total investment, which translates into an extra NT$60 billion in funds for property investment.
Fubon Financial Holding Co (富邦金控), the parent company of Fubon Life, struck an agreement with ING Greup NV last October to acquire its Taiwanese subsidiary, ING Antai Life, for US$600 million. The deal was carried out mostly through share swaps.
Fubon Financial chairman Daniel Tsai (蔡明忠) said ING Antai obtained 5 percent of Fubon Financial shares — common shares as well as Tier 2 qualifying subordinated debt securities.
Richard Tsai said ING Antai was more conservative than Fubon Life in terms of investment, with return on assets for the former standing at 3 percent and 5 percent for the latter.
He predicted return of between 4 percent and 5 percent following the merger.
He also said his company would invest more capital into the domestic equity market in expectation of further rallies.
Shih Pao-chung (石寶忠) and Cheng Pen-yuan (鄭本源) will serve as the new company’s vice chairman and president respectively.
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