NWS Holdings acquires FTLife Insurance
The company HK NWS Holdings has agreed to acquire the entire capital of the local life insurer FTLife Insurance. This transaction estimated at 21.5 billion HKD (2.8 billion USD) will be the most important insurance acquisition ever made in Hong Kong.
According to NWS, the infrastructure, logistics and transport services unit of the group New World Development Co Ltd, the purchase of FTLife Insurance will allow the group's diversification of activities by integrating the life insurance market.
As a reminder, the turnover of Hong Kong's insurance sector is 44.4 billion USD in the third quarter of 2018. It is up by 6.9% compared to the same period of the previous year.
Hong Kong's life insurance market is the second largest one in Asia after Taiwan. Its participation in GDP is of 17.94% in 2017.
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