Dah Sing to sell insurance arm to China’s Thai Hot

The Hong Kong group has extracted a high price at a time when Chinese insurers and property firms are increasingly looking to diversify overseas.

Hong Kong’s Dah Sing has agreed to sell its insurance operations to Chinese conglomerate Thai Hot for $1.4 billion, according to a person familiar with the matter on Thursday, the latest sign that Chinese insurers and property firms are looking to diversify overseas.

Dah Sing, a financial services group, said on January 12 that it was exploring strategic alternatives for its life assurance business and its bank’s life insurance product offerings.

The Hong Kong financial services group’s clever structuring of its auction attracted initial interest from over 20 companies, according to a second person familiar with the matter.

Fujian-headquartered Thai Hot, a...

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