HSBC eyes Aviva's Asian op

Business | Bloomberg 23 Aug 2019

HSBC (0005), which shook up its senior leadership this month, is considering a bid for UK insurance conglomerate Aviva's Asian business, which could be valued at US$3 billion (HK$23.4 billion) to US$4 billion.

A deal would help HSBC bolster its insurance presence in Singapore and other parts of Southeast Asia, but no final decisions have been made, and there's no certainty the deliberations will result in a transaction, sources said.

Aviva has been capitalizing on the surging ranks of middle-class consumers in Asia. Singapore is the company's largest market in Asia, with its life insurance unit there generating 1.3 billion (HK$12.4 billion) in new business and 141 million in adjusted operating profit last year. Shares of the company fell by 27 percent in the last 12 months.

Shares of HSBC fell 0.6 percent to HK$56.85 yesterday.

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