Jan 20, 2017
Aviva turns digital in Hong Kong with Tencent deal
Aviva has signed a deal with Tencent and Hillhouse Capital to turn its 160-year-old Hong Kong business into a digital insurer. The UK based insurance group is to sell stakes in its Hong Kong operation to Tencent, the Chinese internet company, and Hillhouse, a private equity firm, for an undisclosed sum. The Hong Kong life insurance industry is dominated by companies such as Prudential and AIA, which sell mainly through agents. In its results for that year, Aviva wrote £13m off the value of goodwill in the Hong Kong business. The investment in Aviva's Hong Kong business is not Tencent's first foray into insurance.
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