Aviva has announced that its proposed digital insurance joint venture with Hillhouse Capital and Tencent Holdings Ltd has received approval from Hong Kong’s insurance regulator.
According to a press statement by the British multinational insurer, the firms have completed the necessary transactions to develop the joint venture and obtained the Hong Kong Insurance Authority’s approval.
The joint venture is expected to become operational by the first half of 2018 under its new corporate structure.
The collaboration between the three companies to create a digital insurer was announced in January 2017, with Hillhouse Capital and Tencent acquiring a combined 60% stake in Aviva Life Insurance Company Ltd, also known as Aviva Hong Kong.
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