Hong Leong and Mitsui forge $492 million insurance partnership

Malaysia's Hong Leong Financial Group and Japan's Mitsui Sumitomo Insurance join forces in a strategic partnership to strengthen their life and general insurance operations.

Malaysia's Hong Leong Financial Group HLFG and Japan's Mitsui Sumitomo Insurance Co MSI on Friday agreed to merge their non-life insurance businesses. At the same time, HLFG will sell a 30% stake in its life insurance business to MSI. The agreement is made up of two separate transactions, together valued at M$1.6 billion $492 million, according to sources familiar with the deal.

Andrew Zeissink, managing director and head of financial institutions for Asia-Pacific at HSBC, which advised...

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