Hong Kong Life Insurance sold for HK$7.1 billion
Sale will see insurer brought under one new single shareholder – First Origin International
Hong Kong Life Insurance, an insurer owned by five Hong Kong financial institutions, was sold to First Origin International for HK$7.1 billion.
Incorporated in Hong Kong, First Origin is an investment holding company with a focus on investment in the financial and technology sectors in Asia.
“The sellers believe it is in the best interests of Hong Kong Life to have one new single shareholder to take charge to grow its business in line with its customers’ evolving needs,” Asia Financial Holdings, which owns one of the sellers, Asia Insurance, said in a filing with the Hong Kong stock exchange on Monday night.
Also among the sellers were Chong Hing Insurance, OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Agency.
Founded as a joint venture among the five firms in 2001, Hong Kong Life was ranked 10th in terms of new business annual premium equivalent among the city’s life insurers in the third quarter of 2016.