(ICE) - ROMA, 21 MAR -
Hong Kong Life Insurance, an insurer owned by five Hong Kong
financial institutions, was sold to First Origin International for HK$7.1
Incorporated in Hong
Kong, First Origin is an investment holding company with a focus on investment
in the financial and technology sectors in Asia.
“The sellers believe
it is in the best interests of Hong Kong Life to have one new single
shareholder to take charge to grow its business in line with its customers’
evolving needs,” Asia Financial Holdings, which owns one of the sellers, Asia
Insurance, said in a filing with the Hong Kong stock exchange on Monday night.
Also among the sellers
were Chong Hing Insurance, OCBC Wing Hang Bank, Shanghai Commercial Bank and
Wing Lung Agency.
Founded as a joint
venture among the five firms in 2001, Hong Kong Life was ranked 10th in terms
of new business annual premium equivalent among the city’s life insurers in the
third quarter of 2016.
(ICE HONG KONG)