JD Capital has agreed to acquire Belgian insurer Ageas’ life insurance business in Hong Kong for HK$10.7 billion (US$1.4 billion) in cash, according to a company announcement.
Brussels, Belgium-headquartered Ageas acquired Pacific Century Insurance in 2007, and re-branded the company to Ageas.
Ageas’ life insurance business in Hong Kong currently has over 2,500 financial advisors with gross inflows of US$540 million in 2014.
The company’s book value amounts to US$1.09 billion at the end of June 2015, says the statement.
JD Capital, listed on the Chinese National Equities Exchange and Quotations, manages RMB18.3 billion (US$2.88 billion) in assets.