The begining of Aviva Hong Kong
Aviva, Hillhouse Capital and Tencent (think: ZhongAn backer) have agreed to create a digital insurer in Hong Kong to sell life insurance. Aviva and Hillhouse will each keep 40% and Tencent will keep 20% in the new venture. Bottom Line: feeling Deja Vu. Last year, Allianz, Baidu, and Hillhouse Capital agreed to join hands and form an online insurance company in China. Follow the list of emerging insurers here.
Fine print: subject to regulatory approval. Speaking of Aviva, the insurer is planning to merge its UK life and general insurance businesses as it focuses on offering products online; very similar to Axa’s strategy in Singapore.