Chubb International Investments Ltd (安達人壽保險) is expected to complete its merger with Cigna Taiwan Life Assurance Co Ltd (國際康健人壽) on Dec. 1, the Financial Supervisory Commission said yesterday.
The statement came after the commission approved the deal in June.
Even though Chubb International Investment on July 1 acquired 100 percent of Cigna Taiwan Life shares, the latter would be the surviving entity after the merger, the commission said.
Cigna Taiwan Life would become the local branch of US insurer Chubb Ltd and would be renamed Chubb International Life Insurance Ltd, with its chairman, Chu Li-min (朱立民), and general manager, Jake Chang (張志杰), keeping their positions, the commission said.
The two insurers have promised to safeguard the rights of all policyholders, and retain all employees, the commission added.
As of the end of September, Cigna Taiwan Life had about 778 employees and 644,500 insurance policies with 351,000 policyholders, while Chubb International Investments employed about 220 people and had 177,800 insurance policies with 135,000 people, commission data showed.
The Chubb-Cigna merger came after Taishin Financial Holding Co (台新金控) last year acquired Prudential Life Insurance Co of Taiwan (保德信人壽).
After Chubb-Cigna deal, Taiwan would have five foreign life insurance companies, including the Taiwan branches of Cardif Assurance Vie (法國巴黎人壽) and AIA Taiwan (友邦人壽), commission data showed.
The total number of life insurance companies would drop from 22 to 21, the data showed.
Sweeping policy changes under US Secretary of Health and Human Services Robert F. Kennedy Jr are having a chilling effect on vaccine makers as anti-vaccine rhetoric has turned into concrete changes in inoculation schedules and recommendations, investors and executives said. The administration of US President Donald Trump has in the past year upended vaccine recommendations, with the country last month ending its longstanding guidance that all children receive inoculations against flu, hepatitis A and other diseases. The unprecedented changes have led to diminished vaccine usage, hurt the investment case for some biotechs, and created a drag that would likely dent revenues and
Global semiconductor stocks advanced yesterday, as comments by Nvidia Corp chief executive officer Jensen Huang (黃仁勳) at Davos, Switzerland, helped reinforce investor enthusiasm for artificial intelligence (AI). Samsung Electronics Co gained as much as 5 percent to an all-time high, helping drive South Korea’s benchmark KOSPI above 5,000 for the first time. That came after the Philadelphia Semiconductor Index rose more than 3 percent to a fresh record on Wednesday, with a boost from Nvidia. The gains came amid broad risk-on trade after US President Donald Trump withdrew his threat of tariffs on some European nations over backing for Greenland. Huang further
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
CULPRITS: Factors that affected the slip included falling global crude oil prices, wait-and-see consumer attitudes due to US tariffs and a different Lunar New Year holiday schedule Taiwan’s retail sales ended a nine-year growth streak last year, slipping 0.2 percent from a year earlier as uncertainty over US tariff policies affected demand for durable goods, data released on Friday by the Ministry of Economic Affairs showed. Last year’s retail sales totaled NT$4.84 trillion (US$153.27 billion), down about NT$9.5 billion, or 0.2 percent, from 2024. Despite the decline, the figure was still the second-highest annual sales total on record. Ministry statistics department deputy head Chen Yu-fang (陳玉芳) said sales of cars, motorcycles and related products, which accounted for 17.4 percent of total retail rales last year, fell NT$68.1 billion, or
RSS