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Belgium's Ageas agrees EUR 1.23bn sale of Hong Kong life insurance business.

August 31 (SeeNews) - Belgian insurer Ageas SA NV (EBR:AGS) announced on Sunday an agreement to sell its Hong Kong life insurance unit to China's JD Capital (Beijing Tongchuangjiuding Investment Management Co) for about HKD 10.69 billion (USD 1.38bn/EUR 1.23bn) in cash.

The transaction is subject to standard conditions, including approval from JD Capital shareholders and regulatory clearance. Ageas expects to finalise the deal during the first half of 2016.

The Belgian group bought Pacific Century Insurance in 2007 and changed its name to Ageas. The division currently employs over 2,500 professional financial advisers and has a number of key strategic partnerships. During the first half of 2015, the business had gross inflows of EUR 269 million (USD 303m), while the figure for all of 2014 was EUR 481 million. According to Ageas, its Hong Kong unit had a book value of EUR 967 million as of June 30, 2015.

Ageas stated it remained fully committed to the Asian market and would develop its regional business by focusing on the six growth markets where it is present. This growth strategy will beA advanced through the company's joint ventures in Malaysia, China, Thailand and India and its recently forged partnerships in the Philippines and Vietnam. Hong Kong will continue to serve as base for Ageas's Asian operations, the company added.

aThe decision to sell our business in Hong Kong follows a strategic review of our Asian activities, in which we concluded that it is in the group's best interest to realign our strategy towards the fast growing emerging markets of Asia... As part of JD Capital we believe the company will be in good hands to further develop on the Hong Kong market,a commented Ageas chief executive Bart De Smet.

A

(HKD 1=USD 0.129/EUR 0.115)

(EUR 1=USD 1.125)

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Publication:SeeNews Belgium
Date:Aug 31, 2015
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