Insurance firm FWD Group will acquire the Hong Kong business of US-based MetLife.
The transaction is subject to regulatory approvals and terms of the deal were not disclosed.
All existing MetLife Hong Kong policies will be honoured by FWD following the change in ownership.
FWD will rename and rebrand the business.
Huynh Thanh Phong, FWD Group chief executive, said: “MetLife Hong Kong is highly complementary to our existing business and the acquisition is another step towards fulfilling our ambition to build a leading pan-Asian life insurance platform.
“The acquisition signifies our confidence in the long-term growth potential of Hong Kong and we will continue to commit substantial resources to grow our business in this compelling market.”
FWD Group, which is the insurance business of investment firm Pacific Century Group, offers life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of Asian markets.