Fubon Life Completes Integration With ING Life in Taiwan

Fubon Life Assurance Co. Ltd. [77804] has completed the integration of acquired ING Life Insurance Co. Ltd. to form the second-largest insurance company in Taiwan.

The integrated operation was renamed Fubon Life Insurance Co. Ltd., a wholly-owned subsidiary of Fubon Financial Holding, with about 3 million customers in Taiwan. The Taiwanese financial group acquired ING Life, a subsidiary of ING Groep N.V. [85144], for US$600 million last October.

The integrated life insurer aims to achieve new insurance business of NT$170 billion (US$5.2 billion) in 2009. The combined insurance premiums of Fubon Life and ING Life totalled NT$282.07 billion by year-end 2008.

The consolidation enables the life insurer to offer more complete product lines, diversified financial services and wider distribution channels, said Ming Hsing Tsai, chairman of Fubon Life.

The acquisition boosted Fubon Financial Holding's total assets to NT$2.5 trillion, enhancing its position as the third-largest integrated financial group in Taiwan. Fubon Financial operates banking, life and nonlife insurance, asset management and securities businesses in Taiwan and overseas markets.

ING started its life insurance operations in Taiwan in 1987. The Dutch insurer then merged with Aetna's life insurance operations in Taiwan, acquired in 2001.

(By Iris Lai, Hong Kong bureau manager: [email protected])