AIA acquiring BEA Life and partnering with BEA on insurance distribution


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AIA Group has announced the formation of an exclusive 15-year strategic “bancassurance” partnership with the Bank of East Asia (BEA) covering Hong Kong and the Chinese mainland, as well as the acquisition of BEA Life, a wholly owned BEA subsidiary.

AIA will pay a total of just over HK$5 billion (US$650 million) for the deal, according to a statement filed with the Hong Kong Stock Exchange. The pan-Asia life insurer will also acquire a closed portfolio of life insurance policies underwritten by Blue Cross (Asia-Pacific) Insurance.

Under the agreement, BEA will distribute AIA’s life insurance and long-term savings products to its retail banking customers on an exclusive basis.



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