British insurance group Aviva, Chinese Internet giant Tencent Holdings and hedge 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, Aviva said in a statement last week.
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.
Aviva operates in seven markets in Asia (namely, Singapore, China, Indonesia, Hong Kong, Vietnam, Taiwan and India). The group has had a presence in Hong Kong for more than 150 years providing a full range of financial and insurance solutions for protection, investments, savings and retirement planning.