, Hong Kong

Bank of East Asia sells life insurance unit to AIA for $644m

BEA will distribute life savings products to retail clients in Hong Kong and the mainland.

The Bank of East Asia has sold its life insurance unit to AIA for $644m (HK$5b) and also agreed to enter into a distribution partnership with the insurer, according to a bourse filing.

The lender will distribute AIA's life and long-term savings products exclusively to its retail banking customers in Hong Kong and Mainland China for 15 years.

BEA Life and Blue Cross have also agreed to a portfolio transfer.

This move is part of BEA’s efforts to boost its profitability and shares. It expects to gain a profit of $129m (HK$1b) from the sale, according to a separate filing.

Read more: Bank of East Asia commences sale of life insurance arm

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.