b'Mergers & Acquisitions | Life Sector | AsiaTaiwan VietnamIn August 2020, Taishin Financial Holdings Co., Ltd.,FWDs 2020 expansion efforts continued in a Taiwanese financial conglomerate, announced itVietnam, where FWD Vietnam Life Insurance would purchase Prudential Life Insurance CompanyCompany Limited (FWD Vietnam Life) com-of Taiwan from Prudential for approximately $190pleted its acquisition of Vietcombank-Cardif Life million. Under the terms of the agreement,Insurance, a JV between Joint Stock Commercial Prudential would sell 100% of its Taiwanese lifeBank for Foreign Trade of Vietnam insurance business to Taishin Financial. According to(Vietcombank) and BNP Paribas Cardif, in April Prudential, the sale is in line with the firms strategic2020. Shortly following the transaction, FWD focus internationally on Japan and higher-growthVietnam Life and Vietcombank launched an exclu-emerging markets around the world.sive 15-year bancassurance partnership. In August Also in November 2020, China Development2020, FWD Vietnam Life secured regulatory Financial Holding Corporation (CDF) announcedapproval from the Ministry of Finance to increase plans to acquire 21.13% of the outstanding com- its charter capital to VND$13.937 billion ($593 mon shares of China Life Insurance Co., Ltd.million). The increase made FWD Vietnam Life the (China Life) via tender offer. At the time of thelargest life insurer in Vietnam by charter capital. gannouncement, CDF owned a 34.82% stake in China Life. The transaction has since received regulatory approval and the tender offer is expected to close in February 2021.20 GLOBAL INSURANCE INDUSTRY|YEAR IN REVIEW 2020'