AIA Group completed the acquisition of the life insurance unit of Elliott Management-backed BEA for $653m.

AIA Group, an independent publicly listed pan-Asian life insurance group, completed the acquisition of the life insurance unit of Elliott Management-backed Bank of East Asia, a Hong Kong-based financial services group, for $653m. “This transaction brings together two trusted financial institutions with a long history of operating in Hong Kong and Mainland China, who are aligned in the pursuit of sustainable growth powered by digital and technological transformation. It enables us to bring our in-branch sales expertise and range of quality protection and long-term savings products to BEA’s loyal customer base, with an opportunity to unlock significant growth potential for both companies," Jacky Chan, AIA Regional Chief Executive.