First Origin to buy HK Life Insurance for HK$7.1b
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Hong Kong
FIRST Origin International Ltd, a Hong Kong-based investment firm, has agreed to acquire Hong Kong Life Insurance Ltd for HK$7.1 billion (S$1.3 billion), said two of the owners of the Hong Kong insurer in the latest insurance deal in the territory.
The unlisted insurance firm's owners - five Hong Kong-based financial institutions including OCBC Wing Hang Bank and Chong Hing Insurance Co Ltd, a unit of Chong Hing Bank Ltd - have agreed to sell their respective equity stakes to First Origin. OCBC Wing Hang Bank is the largest shareholder with a 33 per cent stake.
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