TAIPEI (Taiwan News) — Taiwan’s Financial Supervisory Commission on Tuesday approved the merger of Taishin Life Insurance and Shin Kong Life Insurance, creating what will become the nation’s fourth-largest life insurer.

The combined company will have total assets of NT$3.9619 trillion (US$126 billion), according to the FSC, per Liberty Times.

The move follows the July 24 merger of their parent firms, Taishin Financial Holding and Shin Kong Financial Holding, which led to the formation of TS Financial Holding.

Tsai Huo-yen (蔡火炎), deputy director of the FSC Insurance Bureau, said Taishin Life will be the surviving entity but will adopt the name Shin Kong Life beginning Jan. 1. 

As of the end of September, Taishin Life Insurance employed 1,425 people, while Shin Kong Life Insurance had 15,392 employees.

FSC data showed that for the first three quarters, Shin Kong Life recorded a net loss after tax of NT$31.18 billion, while Taishin Life posted a net profit after tax of NT$1.64 billion.

During the review, FSC required Taishin to formally declare that the rights and interests of policyholders from both companies will remain fully protected. The commission also said it will send notices to policyholders to ensure continuity of services.