Aviva Hong Kong venture moves closer to launch

Aviva announced on Tuesday that, along with Hillhouse Capital Group and Tencent Holdings, it has completed the transaction to develop a digital insurance joint venture in Hong Kong.

The FTSE 100 company said the joint venture had been approved by the Hong Kong Insurance Authority, and was expected to start operating under its new corporate structure during the first half of 2018.

“Aviva, Hillhouse and Tencent announced in 2017 their agreement to develop an insurance joint venture in Hong Kong, by which Hillhouse and Tencent have acquired a combined 60% shareholding in Aviva Life Insurance Company Limited,” Aviva’s board said in its short statement.