Aviva to develop digital insurance in Hong Kong with partners

Aviva, Hillhouse Capital and Tencent have agreed to develop an insurance company in Hong Kong, which will focus on digital insurance.

As part of the agreement, investment management firm Hillhouse and technology firm Tencent will acquire shares in Aviva Hong Kong. Following completion of the transaction, Aviva and Hillhouse will each hold 40 percent and Tencent will hold 20 percent shareholdings in Aviva Hong Kong. The transaction is subject to customary closing conditions, including regulatory approval.

As part of the transaction, the shareholders’ agreement between the parties contains options which may require Aviva to purchase or dispose of its shareholding in certain circumstances such as a termination or deadlock in the shareholders’ agreement.

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.