b'MERGERS & ACQUISITIONS|LIFE SECTOR74%. The acquisition followed the relaxation ofIn November 2021, Mitsui & Co Ltd (Mitsui), Indias foreign direct investment cap for insuranceJapans leading trading company, expanded its companies from 49% to 74%. In the same month,stake in Pana Harrison (Asia) Pte Ltd to 51%. Pana The Carlyle Group, Inc.s subsidiary CA EmeraldHarrison Asia would be renamed Mitsui Bussan Pana Investments sold its remaining 1.9% shareholding inHarrison. The acquisition would enable Mitsui to SBI Life Insurance through open market transactionsexpand its insurance and reinsurance operations for INR$21.47 billion. SBI Life is a life insuranceglobally. Panna Harrison is a Singapore-company in India which operating across lifeheadquartered life and general insurance and insurance, pensions, savings and health insurance. reinsurance broker which focuses on providing total In October 2021, MetLife International Holdingsrisk management solutions. entered into a share purchase agreement to acquire 15.27% shareholding in PNB MetLifeTaiwanIndia Insurance Company Limited from IGEIn June 2021, the Financial Supervisory Commission (India) Private Limited and Elpro International(FSC), the insurance regulator in Taiwan, approved Limited, subject to applicable regulatorythe acquisition by Taishin Financial Holding approvals. PNB MetLife India Insurance CompanyCompany Limited of 100% of Limited is a life insurance company which offersthe shares of Prudential Life Insurance Company family protection, long-term saving, childof Taiwan. Shortly after the FSC approval, Taishin education, retirement and group solutions.also announced the selling of its shares in Chang Hwa Bank to fund the acquisition of, and the capital Singapore injection into, Prudential Life Insurance Company of In July 2021, Singapore Securities ExchangeTaiwan. approved the acquisition of all remaining shares ofIn September 2021, HDFC Life Insurance Company Singapore Reinsurance Corporation Limited byLimited agreed to acquire 100% stake in Exide Fairfax Asia, a subsidiary of Fairfax Holdings. TheLife Insurance from Exide Industries. The acquisition cash offer to acquire all remaining 71.8% equity inwas completed in January 2022 with all regulatory Singapore Reinsurance for S$0.3535 per share byapprovals. Exide Life Insurance offers group life Fairfax Asia was announced in March 2021. Uponinsurance solutions and engages in agency, acquisition, Singapore Reinsurance was expected tobancassurance, corporate agency and broking be delisted. AM Best affirmed financial strengthbusinesses. rating of A- for Singapore Reinsurance, inIn October 2021, China Development Finance anticipation that Singapore Reinsurance wouldHolding Co (China Development) agreed to benefit from Fairfaxs shared resources, includingacquire the remaining 44% shares of China Life investment management, underwriting, enterpriseInsurance Co, subject to regulatory approvals. The risk management and technology capabilities.acquisition turned China Life Insurance Co into China Developments wholly-owned subsidiary. 14|Global Insurance Industry Year in Review 2021'