News Life and Health19 Feb 2018

Hong Kong:Aviva and Tencent form online life insurer

| 19 Feb 2018

Major UK insurer Aviva and its partners, Chinese Internet giant Tencent Holdings and private equity fund Hillhouse Capital, have agreed to develop an insurance company in Hong Kong, which will focus on digital insurance.

As part of the agreement, Hillhouse and Tencent will acquire shares in Aviva Life Insurance Company Limited (Aviva Hong Kong). Following completion of the transaction, Aviva and Hillhouse will each hold 40% and Tencent will hold 20% shareholdings in Aviva Hong Kong. The transaction is subject to customary closing conditions, including regulatory approval.

As part of the transaction, the shareholders’ agreement between the parties contains options which may require Aviva to purchase or dispose of its shareholding in certain circumstances.

“The joint venture has been approved by Hong Kong’s Insurance Authority and is expected to start operating under its new corporate structure during the first half of 2018,” Aviva said.

The move also marks Tencent’s foray into Hong Kong’s digital insurance market, after it moved into mainland China’s insurance market.


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