TAIPEI (Taiwan News) — E Sun Financial Holding Co. and Mercuries Life Insurance Co. said Wednesday their boards approved a merger via a full share swap valued at about NT$48.3 billion (US$1.56 billion).

Under the agreement, E Sun will issue 0.2486 of its shares for each Mercuries Life share, equivalent to NT$8.2 (US$0.27) per share. The ratio was set using E Sun’s 60-day average price of NT$32.99, per CTEE.

After the transaction, Mercuries Life’s roughly 91,000 shareholders will collectively hold 8.31% of E Sun’s shares. Upon completion, E Sun’s total assets will exceed NT$5.8 trillion, making it Taiwan’s fifth-largest listed financial holding company.

E Sun Financial chair Huang Nan-chou (黃男州) said the deal strengthens the group’s overall portfolio. After expanding into the investment trust business earlier this year, integrating insurance will create a more complete financial structure while banking remains the core, he said.

Analysts say the acquisition aligns E Sun with a broader trend of financial holding companies operating both banking and insurance units. Among private financial holdings with annual profits between NT$20 billion and NT$50 billion, only E Sun and SinoPac currently lack life insurance subsidiaries.

President Chen Mao-chin (陳茂欽) called the merger a strong fit, citing growth prospects overseas for banking and at home for securities.