Aviva PLC AVIVA, HILLHOUSE, TENCENT TO DEVELOP A HK COMPANY (7072U)
January 20 2017 - 3:21AM
UK Regulatory
TIDMAV.
RNS Number : 7072U
Aviva PLC
20 January 2017
20 January 2017
AVIVA, HILLHOUSE AND TENCENT AGREE TO DEVELOP
AN INSURANCE COMPANY IN HONG KONG
Aviva plc ("Aviva"), Hillhouse Capital ("Hillhouse") and Tencent
Holdings Limited ("Tencent") have agreed to develop an insurance
company in Hong Kong, which will focus on digital insurance.
As part of the agreement, Hillhouse and Tencent will acquire
shares in Aviva Life Insurance Company Limited ("Aviva Hong Kong").
Following completion of the transaction, Aviva and Hillhouse will
each hold 40% and Tencent will hold 20% shareholdings in Aviva Hong
Kong. The transaction is subject to customary closing conditions,
including regulatory approval.
As part of the transaction, the shareholders' agreement between
the parties contains options(1) which may require Aviva to purchase
or dispose of its shareholding in certain circumstances.
Notes:
1. Call option exercisable in the event of a termination or
deadlock in the shareholders' agreement. The agreements stipulate a
valuation based on prevailing fair market value at the time. At
closing, the transaction is not expected to have a material impact
on Aviva.
-ends-
Enquiries:
Aviva
Media
Andrew Reid +44 (0)20 7662 3131
Yasmin Saleh +44 (0)7800 694 312
Analysts
Chris Esson +44 (0)20 7662 8115
Hillhouse
Media
Xiaoning Wu +852 2179-1988
media@hillhousecap.com
Tencent
Media
Canny Lo (86) 755 86013388 ext 66630/ (852) 3148 5100
cannylo@tencent.com
Limin Chen (86) 755 86013388 ext 56011
liminchen@tencent.com
Investors
Catherine Chan (86) 755 86013388 ext 88369/ (852) 3148 5100
cchan@tencent.com
Tracy Huang (86) 755 86013388 ext 83731/ (852) 3148 5100
tracyqhuang@tencent.com
About Aviva
-- Aviva's LEI code is YF0Y5B0IB8SM0ZFG9G81
-- Aviva provides life insurance, general insurance, health
insurance and asset management to 33 million customers, across 16
markets worldwide
-- In the UK we are the leading insurer serving one in every
four households and have strong businesses in selected markets in
Europe, Asia and Canada. Our shares are listed on the London Stock
Exchange and we are a member of the FTSE100 index
-- Aviva operates in seven markets in Asia (Singapore, China,
Indonesia, Hong Kong, Vietnam, Taiwan and India)
-- Aviva has had a presence in Hong Kong for more than 150 years
providing a full range of financial and insurance solutions for
protection, investments, savings and retirement planning
-- Aviva's asset management business, Aviva Investors, provides
asset management services to both Aviva and external clients, and
currently manages over GBP289 billion in assets
-- Aviva helps people save for the future and manage the risks
of everyday life; we paid out GBP30.7 billion in benefits and
claims in 2015
-- By serving our customers well, we are building a business
which is strong and sustainable, which our people are proud to work
for, and which makes a positive contribution to society
-- The Aviva media centre at http://www.aviva.com/media/
includes company information, images, and a news release
archive
-- For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/
-- For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
-- Follow us on twitter: www.twitter.com/avivaplc/
-- Follow us on LinkedIn:www.linkedin.com/company/aviva-plc
-- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
About Hillhouse Capital
Founded in 2005, Hillhouse Capital is a leading global
investment management firm, active across both public and private
equity. Hillhouse invests for the long-term and is focused on
partnering with leading entrepreneurs to deliver sustained value
creation. Independent proprietary research, supported by its global
network of operating advisors and portfolio development
professionals, is key to Hillhouse's investment approach. Hillhouse
focuses on consumer, TMT, healthcare, financials and business
services sectors and invests in companies across all equity stages.
Based in Asia, Hillhouse manages over $20 billion in assets on
behalf of institutional clients such as university endowments,
foundations, sovereign wealth funds, and family offices.
About Tencent
Tencent uses technology to enrich the lives of Internet users.
Every day, hundreds of millions of people communicate, share
experiences, consume information and seek entertainment through our
integrated platforms. Tencent's diversified services include QQ,
Weixin/ WeChat for communications; Qzone for social networking; QQ
Game Platform for online games; QQ.com and Tencent News for
information and Tencent Video for video content.
Tencent was founded in Shenzhen in 1998 and went public on the
Main Board of the Hong Kong Stock Exchange in 2004. The Company is
one of the constituent stocks of the Hang Seng Index. Tencent seeks
to evolve with the Internet by investing in innovation, providing a
mutually beneficial environment for partners, and staying close to
users.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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