南山人寿为何“烫手”？ AIG/Nan Shan
In its first year, AIG’s attempt to sell its Taiwanese insurance arm was imbued with a sense of urgency. In its second, as regulators held sway, it was tainted with intrigue. In its third, it is verging on farce. | 第一年的时候，美国国际集团(AIG)出售旗下台湾保险业务的尝试充满了紧迫感；第二年，由于监管机构权柄在握，交易多了些机械阴谋的味道；而到了第三年，这几乎演变成了一场闹剧。 |
The deal disclosed on Wednesday between the US insurer and Ruen Chen Investment Holding of Taiwan – 80 per cent owned by a hypermarkets-to-textiles conglomerate, 20 per cent owned by a shoemaker – may not be the end of it. Last August, when it threw out a deal agreed in October 2009 between AIG and a Hong Kong-based consortium, Taiwan’s Financial Supervisory Commission said it would apply its usual “five tests” on policyholder protection, managerial competence, long-term commitment, and current and future funding, in any subsequent auction. AIG’s new preferred consortium has made some extravagant undertakings, including a promise not to sell Nan Shan for 10 years – an improvement on the Hong Kong bidder’s reported pledge to keep 70 per cent of it for seven years. Even so, Ruen Chen’s inexperience, relative to competing bidders Chinatrust Financial, Fubon Financial and Cathay Financial, makes it unlikely to ace all five. | 这家美国保险公司周三披露，已与台湾润成投资控股股份有限公司(Ruen Chen Investment Holding)达成协议，但这或许并非出售南山人寿资产交易的终曲。润成投资80%股份由一家业务遍及从大型超市到纺织业等各个领域的企业集团持有，另 外20%的股份由一家制鞋企业持有。去年8月，当AIG抛出2009年10月与一家香港财团达成的协议，台湾金融监督管理委员会(Financial Supervisory Commission)表示，在后面任何拍卖中，都将使用惯常的“五大原则”进行审查，包括投保客户保护、管理能力、长期承诺、目前和未来资金状况。 AIG最近相中的财团做出了一些很“奢侈”的承诺，包括10年内不会出售南山人寿——这比报道所称的香港竞购者承诺7年内持有70%股份的条件更为优厚。 尽管如此，润成投资与其他竞购方中国信托金融(Chinatrust Financial)、富邦金控(Fubon Financial)和国泰金控(Cathay Financial)相比欠缺经验，因此不太可能五项全胜。 |
Then there’s the price. A $2.2bn equity valuation is well short of the $3bn offer AIG told the Securities and Exchange Commission it had received, in a November letter. It is also equivalent to less than half the $4.7bn book value Nan Shan reported to the Taiwan Insurance Institute at the end of the past financial year. Just one of the world’s 50 biggest listed life insurers by market capitalisation currently trades at a lower multiple of book, according to Bloomberg. Of that top 50, though, only two have worse three-year average returns on equity. The desperation of chief executive Robert Benmosche to offload this troublesome asset could hardly be more obvious. | 此外还有价格的问题。22亿美元的股本估值，远低于AIG去年11月致信美国证交会 (SEC)披露收到的30亿美元出价。与南山人寿上一财年末向台湾保险事业发展中心(Taiwan Insurance Institute)所上报的47亿美元账面价值相比，也不足半数。据彭博社(Bloomberg)报道，在全球市值最大的50家寿险公司中，只有一家公 司的市账率目前低于南山人寿。而在这些公司中，仅有两家公司的三年平均股本回报率(ROE)比南山人寿低。AIG首席执行官罗伯特•本默切(Robert Benmosche)急于卸下这个包袱的迫切程度昭然若揭。 |
译者/王柯伦 |
American International Group Inc. is selling its Taiwan life insurance unit, Nan Shan Life Insurance Co., to Taiwan's Ruen Chen Investment Holdings Ltd. for US$2.16 billion, as the U.S. insurer struggles to repay funds it received through a U.S. government bailout during the financial crisis.
But the sale to Ruen Chen, a cement-to-footwear consortium, still awaits approval from Taiwan's Financial Supervisory Commission, which in August blocked a previous US$2.15 billion deal on concerns previous Hong Kong-based buyers lacked financial strength and commitment to Nan Shan.
In a surprise move Wednesday, AIG picked Ruen Chen—a consortium in which Ruentex Development Co. ...
潤成指出，參與美國國際集團（AIG）標售南山人壽97.57%的股權，已於今天與AIG完成股權買賣及相關契約，總計交易金額為21.6億美元。這項交易案將在取得主管機關核准後儘速完成。
潤成為潤泰集團與寶成合資成立的公司，其中，潤泰全球持有23%的股份，潤泰創新持股25%，寶成持有20%。另外，潤泰集團旗下的匯弘、長春及宜泰3家投資公司共計持有32%。
由於先前外界曾對潤泰的資金與經營態度有所質疑，潤成今天特別強調，承繼根留台灣與深耕台灣的精神，潤成股東均由台灣企業及國人組成。
潤成指出，南山人壽是台灣淨值最高的壽險公司、總保費收入名列第3，業務人員素質、教育訓練、科技應用及客戶服務等各方面均居業界領導地位，是一家值得長期投資的公司。
潤成表示，為符合金管會5大審核原則的買家，所提出的經營策略與模式，將充份發揮潤成投資股東成員在零售、服務與國際運籌的經驗，將南山人壽從外資保險公 司轉型為本土企業，並進一步打造成為區域市場的品牌，而且也將提出未來南山人壽在人才、產品、市場各方面長期經營與發展的計畫。
潤成指出，潤成成立的目的是成為南山人壽長期經營股東，以長期經營南山人壽為前提，確保南山人壽股權結構穩定性及永續經營。
潤成不僅不會改變南山人壽的品牌，還計畫進一步將這個品牌發揚光大。潤成也將以最高水準的公司治理及社會責任理念經營南山人壽，與南山人壽同仁共同努力，深耕台灣市場。
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