Manulife Financial policy holders have given the go-ahead for demutualisation, paving the way for the company's listing in Hong Kong, Toronto, New York and Manila.
'We still need approval from the stock exchange, regarding the secondary listing in Hong Kong, but we expect it to be in October,' a spokesman for Canada-based Manulife said.
Manulife said independent actuaries had valued the company at between C$9 billion (about HK$46.28 billion) and C$12 billion, and stock issued to policy holders would be worth from C$18 to C$24 a share.
About 22 per cent of assets were from Hong Kong subsidiary Manulife International, analysts said.
More than 98 per cent of the company's eligible policy holders approved the demutualisation plan during a special general meeting at the company's Toronto head office.
Manulife International is Hong Kong's second-largest life insurer.