Report: JD Capital exploring sale of FT LifeNovember 16 2018 by InsuranceAsia News Staff
Chinese private equity firm JD Group has decided to explore a sale for Hong Kong life insurer FT Life Insurance according to Reuters.
Senior sources said the Beijing-based company has hired Citigroup to run the sale and second-round binding bids are expected in coming weeks with Chow Tai Fook and private equity firm PAG rumoured to be potential purchasers.
A deal could potentially be worth between US$2 billion and US$2.5 billion.
JD Group acquired FT Life, Hong Kong’s 12th largest life insurer, for around US$1.4 billion (HK$10.7 billion) in 2016 from Ageas.
None of the firms have commented.
- January 22
Richard Nunn will leave the pension fund to join the insurer as chief executive in May.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 14
There is a bidding war for a 23% stake of Canara HSBC Oriental Bank of Commerce Life.
- January 9
General manager Lance Tay says the firm will focus on the "mass affluent" after a surge in demand.