The firm’s five owners agreed to sell their respective equity stakes to First Origin, which focuses mainly on investments in financial and technology sectors in Asia.
Hong Kong Life Insurance is one of the last remaining independent life businesses in Hong Kong and ranked 10th in terms of new business annual premiums among life insurers in the third quarter of 2016, reports Reuters.
Founded in 2001, Hong Kong Life Insurance was set up by OCBC Wing Hang Bank, Asia Insurance Co, Shanghai Commercial Bank, Chong Hong Bank, and Wing Lung Bank.
OCBC owned a 33% stake, with the four other founders having around 16.7% each.
Hong Kong M&A
The sale of Hong Kong Life Insurance is the latest in a series of M&A deals in the sector.
In 2016, China’s Thaihot Group agreed to buy Dah Sing Financial’s life insurance unit for $1.4bn, while fellow Chinese firm JD Capital bought Ageas’s Hong Kong insurance unit for the same sum.