MetLife is preparing to send out information on the Hong Kong business to prospective buyers in the next couple of weeks, reports Bloomberg, citing unnamed sources.
The sale could raise more than $600m (£431.2m, €490.1m).
A surge of buyer interest in a Hong Kong insurance licence is one of the potential reasons MetLife is looking to cash in.
However, another, more likely, factor could be the clampdown by China to stop its citizens from buying Hong Kong insurance products.
China’s steps to curb demand sent quarterly sales plummeting 47% in the third quarter of 2017. Sales peaked in 4Q16 and have dropped quarter-on-quarter ever since, according to figures from the Hong Kong Insurance Authority.
Business sales
In August 2017, a financial firm set up by Alibaba founder Jack Ma led the acquisition of MassMutual Asia by a group of regionally based investors.
MassMutual Asia is licensed to conduct life and annuity, investment linked long term, permanent health and retirement scheme management long term insurance business in Hong Kong.
In December 2017, Axa entered into an agreement with Hong Kong-based investment holding company Jeneration to sell Axa Wealth Management (HK).
AWM is a licensed life insurer in the special administrative region, managing individual policies through a network of salaried consultants under the Swiss Privilege brand.
Axa Hong Kong continues to focus on its core life agency and broker channels.
