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.