Exclusive: China's JD Group eyes sale of HK insurance arm in up to $2.5 billion deal [Reuters]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Exclusive: China's JD Group eyes sale of HK insurance arm in up to $2.5 billion deal | Reuters 4 Min Read HONG KONG (Reuters) - Chinese financial firm JD Group has put its Hong Kong insurance business, FTLife Insurance Co Ltd, up for sale and a deal could fetch between $2 billion and $2.5 billion, three people with knowledge of the matter said. JD Group, a Beijing-based financial holding firm, has hired Citigroup ( C.N ) to run the sale and second-round binding bids are expected in coming weeks, the people said, declining to be named as the process is confidential. Earlier this year, local media reports had indicated that JD Group could be looking to offload a part of FTLife. A sale of the whole business, if completed, will be one of the top five insurance M&A; deals ever in Hong Kong, a key market for insurers due to rapidly growing wealth and demand for insurance products from Chinese investors, Refinitiv data shows. Hong Kong is home to a developed life insurance market, with a l
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