Hang Seng Life Limited
HSBC Insurance (Asia Pacific) Holdings Limited has agreed to sell its 50 per cent interest in Hang Seng Life Limited to Hang Seng Insurance Company Limited for a consideration of HK$2.4 billion (approximately US$308 million). This will make Hang Seng Life a wholly owned subsidiary of Hang Seng Insurance, itself a wholly owned subsidiary of Hang Seng Bank Limited.
Hang Seng Life provides life insurance services to customers in Hong Kong, including life insurance policies linked to investment products and retirement scheme management.
David Fried, regional head of insurance, Asia Pacific, at HSBC Insurance (Asia Pacific) Holdings Limited, said: “This change will provide greater flexibility for each organisation to pursue its own strategy and growth plans in insurance. We view this transaction as mutually beneficial for the Hang Seng group as well as for HSBC. We enjoy an excellent relationship with Hang Seng Insurance and will continue that relationship with the company, and with Hang Seng Life, as they grow their business in the life insurance market.”
HSBC Insurance (Asia Pacific) is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, which also owns 62.142 per cent of Hang Seng Bank. HSBC Insurance is a leading insurance provider in Hong Kong, operating life, non-life and retirement services businesses through a comprehensive range of insurance, investment, health and retirement services.
The transaction is subject to conditions being met and relevant approvals being obtained.
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