Report: JD Capital exploring sale of FT Life

November 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.