NWS Holdings to acquire FTLife Insurance from JD Group for $2.75bn

New World Development Company Limited and its subsidiary NWS Holdings Limited, entered into the Share Purchase Agreement in respectof the acquisition of the entire issued share capital of FTLife Insurance at a total consideration of HKD21.5bn ($2.75bn). JD Capital bought Ageas SA’s Hong Kong Life insurance in 2015 for $1.38 billion and rebranded it as FTLife. FTLife offers a comprehensive range of life insurance products, including whole life, term life, endowment, investment-linked, accident and health products. “FTLife will be a great addition to the New World family. This transaction is a significant step towards our goal of building an immersive ecosystem of premium quality offerings to our customers and community.” said Adrian Cheng, Executive Vice-chairman and General Manager of NWD.