Makati—(PHStocks)—Manulife Financial Corp. (PSE: MFC) today announced that its subsidiary, Manulife (International) Limited, has completed the previously-announced transaction to sell its life insurance business in Taiwan to CTBC Life Insurance Co. Ltd (CTBC Life). The agreement was announced on 31 July 2013.
Completion of this transaction is expected to increase the Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of Manulife Financial’s key operating subsidiary, The Manufacturers Life Insurance Company (MLI), by approximately 3 percentage points. MLI’s MCCSR was 229% as of 30 September 2013. As previously announced, the transaction is not expected to have a material impact on Manulife Financial’s consolidated financial results.
Manulife Financial remains committed to its asset management operation in Taiwan, Manulife Asset Management (Taiwan) Co., Ltd. This is a separately managed operation that is not impacted by the transaction.