life insurance

Half of the $943 million block trade is taken up by Swiss Re, giving it a 9.4% stake in the company at a time when analysts say the Chinese life insurance sector is undergoing a positive re-rating.

The US bank will allow products to be sold across its branch network to Asia’s emerging affluent, and may divide the rights between several insurers, according to a person familiar with the matter.

The deal values CIMB Aviva at a generous premium, but the real prize is a long-term bancassurance deal with CIMB.

The deal attracts massive demand and prices at a tight 4.3% discount, which results in a higher price per share than on AIG’s other two sell-downs in the pan-Asian life insurer this year.

The deal comes just ahead of the expiry of AIG’s latest lockup and gets a strong response from investors.

The deal attracts more than $9 billion of demand, but prices at the maximum 7% discount.

The Chinese insurer priced its IPO in Hong Kong and Shanghai near the bottom of the range. China Polymetallic Mining and Baoxin Auto also get their deals across the line in a busy week for Hong Kong IPOs.

The Chinese insurer aims to raise up to $2.3 billion from the dual-listing. Four cornerstone investors, including Malaysia’s Khazanah, have committed to invest $780 million in the H-share tranche.

The Chinese insurer is expected to raise about $2.3 billion from a dual listing in Hong Kong and Shanghai as secondary markets continue to drop. In other news, Richard Li offers to buy additional shares to support the IPO of HKT Trust.