The Hong Kong 's Aviva and Chinese online giant Tencent plan to form a joint venture with private equity firm Hillhouse Capital to launch a digital insurance product in Hong Kong . driven by changes in the product mix towards the higher margin protection business, and growth in its agency and broker channels. The companies, which are seeking regulatory approval for the venture, struck a deal the six months to 30 June 2017 over Aviva 's life insurance business to pave the way for the online offering. “With their low insurance penetrations, fast growing economies, expanding middle classes and rising number of high-net-worth individuals, we want to capitalise on the significant opportunities” in Asia , said Hillhouse Capital regional executive chairman Chris Wei .
The Hong Kong 's Aviva and Chinese online giant Tencent plan to form a joint venture with private equity firm Hillhouse Capital to launch a digital insurance product in Hong Kong . The companies, which are seeking regulatory approval for the venture, struck a deal the six months to 30 June 2017 over Aviva 's life insurance business to pave the way for the online offering. “With their low insurance penetrations, fast growing economies, expanding middle classes and rising number of high-net-worth individuals, we want to capitalise on the significant opportunities” in Asia , said Hillhouse Capital regional executive chairman Chris Wei .