America's Largest Mutual Life Insurer to Concentrate on U.S. and Other International Markets
NEW YORK, N.Y., October 26, 2010 – New York Life Insurance Company announced today that it has signed a definitive agreement with ACE Group (NYSE: ACE) to sell its wholly-owned life insurance operations in Hong Kong and South Korea for approximately $425 million in cash. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in early 2011.
"While these are well-established businesses, New York Life has made the decision, as part of a strategic shift, to concentrate on our operations in the U.S., where we have the leading market share in life insurance, and on our markets in Asia and Latin America where we have strong market positions," said Dick Mucci, chairman and chief executive officer of New York Life International, LLC. "Consistent with our commitment to policyholder safety and security, ACE Group is a respected and well established global insurer with a strong balance sheet and robust ambitions for growth in Asia."
Deutsche Bank advised New York Life on this transaction.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life's Web site at www.newyorklife.com for more information.
*New York Life is the largest mutual life insurance company based on the Fortune 500, ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 3, 2010.
**New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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|New York Life To Sell Operations In Hong Kong and South Korea To Global Insurer Ace Group|