Tencent to sell online insurance in Hong Kong with UK’s Aviva

A joint venture between Chinese tech giant Tencent, UK insurance company Aviva and venture capital firm Hillhouse Capital, will see Tencent offering online insurance to residents of Hong Kong.

The Hong Kong Insurance Authority has given regulatory approval to the joint venture which will be put into action this year. This was announced on Tuesday in a press release by Aviva.

An agreement was signed to sell shares in Aviva Life Insurance Company (Aviva Hong Kong) last January according to the South China Morning Post, in order to turn it into a digital insurer.

See also:

Tech giant Sina enters insurance business

Tencent to invest in Carrefour with Yonghui

Hong Kong City Focus

Tencent holds a 20% stake in the joint venture while Hillhouse and Aviva both hold 40% each.

Tencent already offers online insurance in mainland China but had yet to enter Hong Kong with this business.

Online insurance offerings are becoming more popular: just this week Sina, the company behind popular Chinese social platform Sina Weibo, announced it would behind to offer insurance.

The “insurtech” industry has been estimated by CB Insights to be worth as much as $1.7bn globally, which is a 100% increase on its 2014 value.

Tencent currently offers online life insurance through Hetai Life Insurance which was launched in 2016.

 

Share

Featured Articles

Top 10 best-performing Australian companies: mines to banks

Among Australia’s largest companies by market cap are the country’s Big Four banks, a tech startup that successfully scaled, and two firms with female CEOs

Top 10 richest Southeast Asia: how they made their fortunes

From Singapore’s paint tycoon to Malaysia’s sugar king, we round up the 10 richest people in Southeast Asia – and investigate how they made their billions

Will moonlighting ever become accepted practice in India?

While not a new phenomenon, moonlighting has become a hot button issue across India with IT majors cracking down on it. Will the practice ever be accepted?

New YouTube CEO Neal Mohan joins surge of Indian-origin CEOs

Leadership & Strategy

Ex Infosys President Ravi Kumar is the CEO Cognizant needs

Leadership & Strategy

How India is bucking the global dealmaking downturn

Corporate Finance