Aviva Newsroom - 13 February 2018

Aviva plc (“Aviva”), Hillhouse Capital and Tencent Holdings Limited (“Tencent”) have completed the transaction to develop a digital insurance joint venture in Hong Kong.

The joint venture, which has been approved by the Hong Kong Insurance Authority, is expected to start operating under its new corporate structure during the first half of 2018.

Aviva, Hillhouse Capital and Tencent announced in January 2017 their agreement to develop a digital insurance joint venture in Hong Kong, by which Hillhouse Capital and Tencent would acquire a combined 60% shareholding in Aviva Life Insurance Company Limited (“Aviva Hong Kong”).

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Enquiries:

Notes to editors:

Aviva:

• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
• Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £475 billion.
• Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
• By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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Hillhouse Capital:

Founded in 2005, Hillhouse Capital is a global firm of investment professionals and operating executives who are focused on building and investing in high quality business franchises that achieve sustainable growth. Independent proprietary research and industry expertise, in conjunction with world-class operating and management capabilities, are key to Hillhouse Capital’s investment approach. Hillhouse Capital partners with exceptional entrepreneurs and management teams to create value, often with a focus on enacting innovation and technological transformation. Hillhouse Capital invests in the healthcare, consumer, TMT, advanced manufacturing, financials and business services sectors in companies across all equity stages. Hillhouse Capital and its group members manage over US$35 billion in assets on behalf of institutional clients such as university endowments, foundations, sovereign wealth funds, and family offices.

 Tencent:

Tencent uses technology to enrich the lives of Internet users. Our social products Weixin and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth. Tencent invests heavily in people and innovation, enabling us to evolve with the Internet.

Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.hk) are traded on the Main Board of the Stock Exchange of Hong Kong.