The shareholders in Hong Kong Life Insurance have agreed to sell their stakes to investment holding company, First Origin International, for HK$7.1bn ($914.3m).

Asia Insurance Company, Chong Hing Bank, OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank have all agreed to sell their 100% shareholding interests in the life insurer.

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Upon completion of the sale, Hong Kong Life will enter into new distribution arrangements with each of the banks.

The transaction is subject to customary closing conditions including regulatory approvals and, in the case of Asia Insurance Company and Chong Hing Bank only, shareholders’ approval.

Stephen Tan, chairman of Hong Kong Life, commented: “On behalf of the shareholders, we would like to thank the management and staff of Hong Kong Life for 16 years of dedication and support towards building up the business. We strongly believe that Hong Kong Life will be in good hands under the leadership of First Origin and will continue to serve the customers of the banks going forward.”

Raymond Chang, General Manager of Hong Kong Life, said: “We have enjoyed great support from the shareholders for the past 16 years and we look forward to working with First Origin to continue to drive meaningful growth for the company. We believe that with First Origin’s support, we can realize significant financial and strategic benefits, and deliver further value to our customers. The existing management team will continue to operate the company and ensure that there is no disruption to customer interaction and day-to-day operations.”

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Founded in 2001, Hong Kong Life is ranked no. 10 in terms of new business annual premium equivalent among life insurers in Hong Kong for the first three quarters of 2016.

For all the latest insight, news and data on the global life and health insurance and reinsurance markets, visit www.lifeinsuranceinternational.com