Manulife (International) Ltd., Manulife Financial Corp.'s subsidiary, sold its Taiwan-based life insurance business to CTBC Life Insurance Co., Inc. The deal, which is expected to close at the end of this year, is still subject to usual closing conditions. This includes the acceptance of regulatory approvals.

The financial details of this transaction were not revealed though.

CTBC Life, a subsidiary of  CTBC Financial Holding Co., Ltd. and is one of Taiwan's biggest financial holdings company, will take on all of Manulife Taiwan branch's business obligations. It will also take under its employ all of Manulife Ltd.'s current agents and employees.

However, Manulife Financial will still continue its existence in Taiwan. The company remains dedicated to its asset management operations in the country through Manulife Asset Management (Taiwan) Co., Ltd.

Canada-based Manual Life Financial is a leading financial services group. It has principal operations in the United States, Canada and Asia. As of March 31, 2013, the company reported that the funds under its management have reached CAD $555 billion (US $547 billion).