Aviva plc, Hillhouse Capital Group and Tencent Holdings Ltd receive regulatory approval for digital JV.
Aviva plc (“Aviva”), Hillhouse Capital Group (“Hillhouse”) and Tencent Holdings Limited (“Tencent”) have completed the transaction to develop a digital insurance joint venture in Hong Kong.
The joint venture has been approved by the Hong Kong Insurance Authority and is expected to start operating under its new corporate structure during the first half of 2018.
Aviva, Hillhouse and Tencent announced in 2017 their agreement to develop an insurance joint venture in Hong Kong, by which Hillhouse and Tencent have acquired a combined 60% shareholding in Aviva Life Insurance Company Limited (“Aviva Hong Kong”).
Yasmin Saleh +44(0)20 7662 8710
Chris Esson +44 (0)20 7662 8115
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £475 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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About Hillhouse Capital
Founded in 2005, Hillhouse Capital is a leading global investment management firm, active across both public and private equity. Hillhouse invests for the long-term and is focused on partnering with leading entrepreneurs to deliver sustained value creation. Independent proprietary research, supported by its global network of operating advisors and portfolio development professionals, is key to Hillhouse's investment approach. Hillhouse focuses on consumer, TMT, healthcare, financials and business services sectors and invests in companies across all equity stages. Based in Asia, Hillhouse manages over $20 billion in assets on behalf of institutional clients such as university endowments, foundations, sovereign wealth funds, and family offices.
Tencent uses technology to enrich the lives of Internet users. Every day, hundreds of millions of people communicate, share experiences, consume information and seek entertainment through our integrated platforms. Tencent’s diversified services include QQ, Weixin/ WeChat for communications; Qzone for social networking; QQ Game Platform for online games; QQ.com and Tencent News for information and Tencent Video for video content.
Tencent was founded in Shenzhen in 1998 and went public on the Main Board of the Hong Kong Stock Exchange in 2004. The Company is one of the constituent stocks of the Hang Seng Index. Tencent seeks to evolve with the Internet by investing in innovation, providing a mutually beneficial environment for partners, and staying close to users.