Ageas sells its subsidiary in Hong Kong to JD Capital

Ageas cedes its life insurance business to the Chinese company of asset management JD Capital for 1.376 billion USD. The cash transaction is expected to be completed during the first half of 2016.

The withdrawal of the Belgian insurance comes as part of its strategy to refocus its activities on the emerging high-growth markets of Asia. However, the group reaffirms that its regional Asian office will remain based in Hong Kong.

As a reminder, during the first half of 2015, net assets of Ageas in Hong Kong was estimated at 1.073 billion USD.