AIA to buy 25% of China Post Life
China Post Life is a subsidiary of China's postal service operator.
AIA will acquire a 24.99% stake in China Post Life Insurance for $1.86b (CNY12.03b), reports Reuters.
China Post Life is a subsidiary of China's postal service operator, China Post Group and targets Chinese mass market and emerging mass-affluent consumers selling its products via Postal Savings Bank of China, also a China Post subsidiary.
Its value of new business (VONB) was $289.11m (CNY1.866b) for 2020.
AIA's China operations, which target middle-class and affluent customers, had a VNOB of $968m for 2020, and accounted for 32% of AIA Group's total VNOB.
The deal remains subject to approval from the China Banking and Insurance Regulatory Commission.
Here’s more from Reuters.