OCBC sells 33.3% stake in Hong Kong Life InsuranceJuly 3 2017 by InsuranceAsia News Staff
Singapore-headquartered Overseas-Chinese Banking Corporation (OCBC) is divesting its 33.3% stake in Hong Kong Life Insurance in a transaction that yielded a return of around S$426 million (US$309 million).
OCBC sold its stake to First Origin International, an investment holding company with a focus on investment in the financial and technology sectors in Asia.
The proceeds are to be re-invested into its core wealth management business and high-growth emerging markets, such as Indonesia and China.
Hong Kong Life was founded in 2001 as a joint venture between five firms — OCBC, Wing Hang Bank, Chong Hing Insurance, Shanghai Commercial Bank, and Wing Lung Agency.
As of the third quarter of 2016, Hong Kong Life was ranked 10th in terms of new business annual premiums among Hong Kong’s life insurers.
- June 1
The change for life insurance JVs is proposed in the latest draft regulatory amendments under consideration.
- May 24
Dwindling sales of savings-type products and weaker investment returns are reducing income.
- May 14
Linked policies recorded the highest growth, up 82% from the same period last year.
- May 2
Shareholders will carry out a detailed evaluation of shortlisted bidders over the next couple of weeks.