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, Hillhouse and Tencent will acquire shares in Aviva Life Insurance Company Limited (Aviva Hong Kong).
Following completion of the transaction, Aviva and Hillhouse will each hold 40 per cent and Tencent will hold 20 per cent 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.