[ET Net News Agency, 25 March 2021] AIA Group Limited (01299) announced the formation
of a new exclusive 15-year strategic bancassurance partnership with The Bank of East Asia,
Limited (BEA) covering Hong Kong and mainland China. BEA will distribute AIA's life and
long-term savings products on an exclusive basis to its retail banking customers.
AIA will pay a total consideration of HK$5,070 million for the exclusive 15-year life
insurance distribution partnership with BEA and for the acquisition of 100% of BEA Life
Limited, a wholly-owned subsidiary of BEA. AIA will also acquire a closed portfolio of
life insurance policies underwritten by Blue Cross (Asia-Pacific) Insurance Limited. (RC)