Connect with us

Hi, what are you looking for?

Stock

AIA to buy 25% of China Post Life Insurance for $1.9 billion

Stock Markets20 minutes ago (Jun 29, 2021 05:50AM ET)

(C) Reuters. FILE PHOTO: The logo of AIA is displayed at its office in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip

HONG KONG (Reuters) – AIA Group (OTC:AAGIY) Ltd has agreed to buy a 24.99% equity stake in China Post Life Insurance Co., Ltd., for 12 billion yuan ($1.86 billion), the Asia-focused insurer said in a stock exchange filing on Tuesday.

AIA said its wholly owned Chinese life insurance business would remain independent of this investment which would increase its exposure to the Chinese life insurance market.

China Post Life is a subsidiary of China’s postal service operator, China Post Group Co. Ltd. and targets Chinese mass market consumers selling its products via banks.

Its value of new business (VONB), which measures expected profits from new premiums and is an important gauge of future growth, was 1.866 billion yuan ($289.11 million) for 2020.

AIA’s China operations, which targets middle-class and affluent customers had a VNOB of $968 million for 2020, and accounted for 32% of the AIA Group’s total.

($1 = 6.4544 Chinese yuan renminbi)

AIA to buy 25% of China Post Life Insurance for $1.9 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved