New York-based MetLife is seeking to sell its Hong Kong insurance unit, according to reports on Tuesday.
Industry analysts said the sale could raise up to $600m, as MetLife follows in the wake of Axa and MassMutual among Hong Kong-based insurance units seeking to capitalize on a growing Chinese appetite for acquiring life insurers in the territory. Details of the sale remain private, with sources close to the matter asking not to be identified at this stage. It is understood potential buyers will be approached over the coming fortnight.
MetLife’s insurance rivals, Axa and MassMutual, both sold their HK operations in 2017, and MetLife shares have risen 12% over the past year largely in anticipation of a sale. The company’s value is around $56.7bn, according to Bloomberg. MetLife is ranked as the 14th largest insurance company in Hong Kong.
MetLife was founded in 1868 in New York and has around 58,000 employees around the world.