AIA completes $1.86b investment in China Post Life
AIA now has 24.99% stake in the life insurance firm.
AIA Group Limited has completed its investment in China Post Life Insurance Co., Ltd.
The investment was completed upon receiving all necessary regulatory approvals for AIA’s wholly-owned subsidiary, AIA Company Limited, to invest $1.86b or CN¥12.03b for a 24.99% equity stake in China Post Life.
According to AIA, the investment in China Post Life is part of its strategy to increase the group’s exposure to growth opportunities in China and the Chinese life insurance market.
The transaction was first announced in June last year and was financed on an all-cash basis.
China Post Life is a subsidiary of China Post Group, the state-owned postal operator in mainland China.