China Life To Buy Prudential's Taiwan Insurance Biz

Law360, New York (February 20, 2009, 12:00 AM EST) -- China Life Insurance Co. Ltd. has agreed to buy most of the Taiwan business of British insurance giant Prudential PLC and sell a 10 percent stake in itself in a deal that will help the U.K.'s second-largest insurer bolster its capital reserves.

In exchange for the transfer of 94 percent of Prudential's in-force liabilities in Taiwan and legacy interest rate guaranteed products, China Life will sell the U.K. firm roughly a 10 percent stake in its business through a share placement valued at $64 million, the...
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