Taiwan's First Financial Holding Co. Ltd. agreed to acquire Aviva International Holdings Ltd.'s entire 49% stake in joint venture First-Aviva Life Insurance Co. Ltd. for US$1.

In a statement, First Financial said the deal will allow it to boost its life insurance business, scale up the size of its assets and enhance synergy in cross-selling.

Aviva International is a unit of London-based Aviva Plc.