MassMutual joins the great Taiwan exodus

US life insurer Massachusetts
Mutual (MassMutual) has agreed to sell its 39.01% stake in
MassMutual Mercuries Life (MML) to one of its partners in the joint
venture, Taiwanese conglomerate Mercuries Corporation, for TWD3bn
($98m).

Mercuries’ purchase will
increase its stake in MML, the country’s sixth-largest life
insurer, to about 67%.

For MassMutual, the sale will
hopefully be a case of second-time lucky. An attempt in 2010 to
sell MML failed when Taiwan’s financial services regulator rejected
a $166m bid for MML from Taiwanese financial services company
Waterland Financial Holdings.

In its exit from Taiwan
MassMutual, which acquired its stake in MML in 2001, it joins ING
Group, which exited the country in 2008, as well as UK insurer
Prudential and Dutch insurer Aegon, both of which exited in
2009.

ING, Prudential and Aegon
sold to Taiwanese companies.

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