A sale could possibly fetch around $400m to $500m.
The owners of Hong Kong Life Insurance are reviving a sale of the business after a deal was scrapped more than two years ago, reports Bloomberg, with a sale possibly fetching around $400m to $500m.
Intense competition in Hong Kong’s insurance market, economic instability and the pandemic have weighed on the valuation of the company, sources said.
Citigroup is helping to find a buyer for the business, which has drawn preliminary interest from other insurers, they added.
A previous agreement to sell the operations to investment fund First Origin International for $914m was terminated in 2018 because closing conditions had not been satisfied.
Here’s more from Bloomberg.
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