Hong Kong’s BEA Sells Non-Life Insurance coverage Belongings to AIA Unit

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The Hong Kong-based financial institution anticipated to ebook an mixture revenue of HK$1.534 billion upon completion of the offers, in accordance with a inventory change submitting

Financial institution of East Asia (BEA) mentioned it has agreed to promote its non-life insurance coverage and healthcare companies companies to a unit of AIA Group for an mixture HK$2.168 billion ($278 million).

BEA agreed to promote its medical, journey and basic insurance coverage companies unit Blue Cross (Asia-Pacific) Insurance coverage and all of its 80% curiosity in healthcare companies unit Blue Care JV (BVI) Holdings to AIA.

“This transaction will broaden the scope of BEA’s current life bancassurance partnership with AIA, bringing advantages to prospects, offering additional gross sales alternatives and finally delivering extra worth to shareholders,” BEA mentioned in a press release.

The Hong Kong-based financial institution anticipated to ebook an mixture revenue of HK$1.534 billion upon completion of the offers, it mentioned in a submitting to the Hong Kong bourse.

Asia-focused AIA’s largest market is mainland China, which together with Hong Kong accounts for about half of its enterprise.

BEA shares have risen 11.8% to this point this 12 months as of final shut, whereas AIA shares have gained 1%.

“Our unmatched multichannel distribution platform is on the coronary heart of our technique,” mentioned Jacky Chan, AIA chief govt.

This week, BEA introduced that each one branches might be closed on Saturdays from this weekend as a consequence of rising Covid-19 instances within the metropolis.

Beforehand, BEA briefly closed 15 of its branches, and adjusted the department opening hours for Mondays to Fridays to 9:00 am till 4:00 pm

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George Russell

George Russell is a contract author and editor primarily based in Hong Kong who has lived in Asia since 1996. His work has been printed within the Monetary Instances, The Wall Road Journal, Bloomberg, New York Submit, Selection, Forbes and the South China Morning Submit .


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