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New York Life in talks with Yuanta Financial over Taiwan unit sale

New York Life, a US insurer, is reportedly in talks with Yuanta Financial over the sale of its Taiwan unit, according to sources close to the deal.

People familiar with the matter were quoted by Reuters as saying that the deal, which is also subject to regulatory approval from Taiwan authorities, was still in negotiations stage and a final decision is due to be reached.

"Their strategy is to exit Taiwan as soon as possible. They don’t really care about how much money they will get," one of the sources said.

"We just talked to them this month. They said they are negotiating with one potential buyer."

An application related to the transaction is expected to be submitted by Yuanta to the concerned authorities.

The US insurer was earlier negotiating with Taishin Financial to sell its Taiwan unit in a T$100m ($3.3m) deal, which was rejected by Taiwan regulators last month.

Recently, several global players such as ING and American Insurance Group had exited the Taiwan market, partly due to low interest rates structure in the country and to focus on their domestic markets.