, Columnist
Hong Kong’s Insurance Party Keeps Rocking
The $2.75 billion price the Cheng family conglomerate is paying for FTLife isn’t as frothy as it may look.
New World Development’s executive vice chairman, Adrian Cheng.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
The biggest acquisition of a Hong Kong company this year shows that the lure of insurance as a means to access the vast pool of mainland Chinese savings remains undimmed.
On Thursday night, a company controlled by one of the city’s oldest business families beat out Canada’s Sun Life Financial Inc. to buy FTLife Insurance Co., a minnow in an insurance market dominated by AIA Group Ltd. and Prudential Plc.