Netherlands-based ING Groep will continue to expand Aetna's life insurance and pension business in Asia following its US$7.7 billion takeover of the insurance giant's US financial and international businesses, according to Phil Shirriff, chief executive of ING Asia-Pacific.
Under an agreement reached by the two groups yesterday, ING will take over all Aetna's international business, as well as its insurance business in the United States, excluding the health-care segment in which it is the largest player.
The deal will include Aetna's Hong Kong operation - Aetna Life Insurance, which is the fifth-largest SAR life insurer in terms of last year's premium income. It is also a Mandatory Provident Fund (MPF) service provider.
'We will continue to sell life insurance and MPF [plans] in Hong Kong,' Mr Shirriff said.
Aetna's Hong Kong operation would fill a gap in ING's financial business in the SAR, where the group has an investment bank, an asset management company, a securities house and a small general insurance company.
It has no life or pension business.
The deal will mark ING's entry into the Hong Kong life insurance and pension business.