Major insurer Hong Kong Life Insurance could be put up for sale in a deal that could eclipse US$600 million.
One of the last remaining independent life insurance businesses in Hong Kong, the unlisted business could be up for grabs as the five financial institutions that own the company are working with adviser Nomura Holdings about the future of the business, according to
Reuters.
The news agency reported that Singapore-listed
Great Eastern Holdings is considering a bid for the business but could face competition from others throughout the region.
Hong Kong Life was previously up for sale four years ago but shareholders could not agree on a price and the sale was dropped.
The most recent Hong Kong insurance deal saw Dah sing Financial Holdings sell its life insurance unit to China’s Fujian Thai Hot Investment for US$1.4 billion.
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