NEW YORK (

TheStreet

) --

MetLife

(MET) - Get Report

has sold its Taiwan life insurance unit to

Chinatrust Financial Holding Co.

for $180 million, according to the

Wall Street Journal

.

An earlier announced deal to sell the Taiwan unit to

Waterland Financial Holdings Co.

for $112.5 million was

rejected by Taiwanese regulators

that questioned Waterland's financial ability to operate the insurer.

Chinatrust had been seeking an acquisition to expand in Taiwan. The insurer made a big for

American International Group's

(AIG) - Get Report

Taiwan Nan Shan Life Insurance Company

unit earlier this year

, but was bested by

Ruen Chen Investment Holding

, which acquired the unit for $2.15 billion

MetLife is among several U.S. insurers to exit the Taiwan life insurance market since the financial crisis. American International Group and

MassMutual

both exited the market last year.

--Written by Maria Woehr in New York.

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Maria Woehr

.

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