MetLife To Sell Taiwan Life Insurance Unit To Chinatrust Financial

MetLife Inc. (MET) has agreed to sell its Taiwan life insurance unit to Chinatrust Financial Holding Co. (2891.TW) for US$180 million, in the U.S. insurer's second attempt to exit Taiwan, the companies said in a joint statement Monday.

The deal, which will require approval from Taiwan's financial regulator, will help Chinatrust expand into life insurance business, after failing to bid for American International Group Inc.'s (AIG) Taiwan life insurance unit earlier this year.

Chinatrust Financial is the owner of Taiwan's largest credit-card issuer, Chinatrust Commercial Bank.

In April 2010, MetLife agreed to sell its Taiwan unit to Waterland Financial Holdings Co. Ltd. (2889.TW), a small financial conglomerate on the island, for US$112.5 million. But the deal was then rejected by the financial regulator, citing doubts over Waterland's financial ability to operate the insurer after the acquisition.

-By Aries Poon, Dow Jones Newswires; +886 2 2502 2557; aries.poon@dowjones.com

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