French insurance giant AXA has confirmed that it intends to sell its Taiwan-based life insurance company Winterthur Life Taiwan Branch to China Life Insurance Company. According to Reuters, the total purchase price will amount to $12.2 million.

Reuters also reported China Life as confirming that it will purchase 100% of the unit, including its assets and liabilities. In 2006, the Taiwanese business had a premium volume of approximately $138 million, along with a 0.35% market share.

Prior to the announcement, the shares of China Life dropped 1.79%, Reuters reported.

The transaction is subject to regulatory approval and is expected to close by the end of 2007.