AIA, an American-founded Hong Kong multinational insurance and finance corporation, agreed to acquire a 24.99% stake in China Post Life Insurance, an insurance company, for $1.9bn. "The Chinese insurance market is already the second-largest in the world with immense long-term growth opportunities given the protection gap of more than $40tn. This unique investment in China Post Life enables AIA to capture additional areas of growth and benefit from the substantial potential for value creation," Lee Yuan Siong, AIA CEO and President.