Pacific Century Insurance Holdings
Encyclopedia
Ageas Insurance Company (Asia) Limited is an insurance
company based in Hong Kong
. It was acquired by Fortis
, the Belgium and Netherlands based public finance group in 2007 for HKD3.5b. Prior to then the company was called Pacific Century Insurance Holdings Limited (PCI), was separately listed in Hong Kong, and was controlled by Pacific Century Regional Developments Limited
(PCRD), the parent company of PCCW
. After the Fortis crisis on October 2008 it is a subsidiary of Fortis Insurance International, a division of Ageas
(previously Fortis Holding).
On 26 February 2007, the share price of PCI surged 11% before the trading was suspended pending price-sensitive announcement. Three days later, the Belgian and Dutch based Fortis group announced to acquire 50.48% stake in PCI in order to expand into Asia market.
In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance
, of which IDBI Bank owns 48 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.
Leveraging on global capabilities and local expertise, Ageas offers both individual and institutional customers a broad range of financial protection products and wealth management services to match their exact needs. In addition, the company provide comprehensive general insurance services in partnership with China Taiping Insurance (HK) Company Limited and the Asia Insurance Company Limited.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
company based in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It was acquired by Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
, the Belgium and Netherlands based public finance group in 2007 for HKD3.5b. Prior to then the company was called Pacific Century Insurance Holdings Limited (PCI), was separately listed in Hong Kong, and was controlled by Pacific Century Regional Developments Limited
Pacific Century Regional Developments Limited
Pacific Century Regional Developments Limited is a Singapore based company owned by Hong Kong's Richard Li, son of Hong Kong billionaire Li Ka Shing.PCRD Limited focus is a telecommunications services provider, as well as sales and services activities...
(PCRD), the parent company of PCCW
PCCW
PCCW Limited is the holding company of HKT Group Holdings Limited, Hong Kong's premier telecommunications provider in the Information and Communications Technologies industry. PCCW also holds a majority interest in Pacific Century Premium Developments Limited...
. After the Fortis crisis on October 2008 it is a subsidiary of Fortis Insurance International, a division of Ageas
Ageas
Ageas N.V./S.A. is a multinational insurance company headquartered in Brussels, Belgium and Utrecht, Netherlands. Ageas is Belgium's largest insurer and operates in 14 countries worldwide...
(previously Fortis Holding).
History
New Zealand Insurance Life (Bermuda) Limited was acquired and renamed Top Glory Insurance Company (Bermuda) Limited (TGI) in 1994. In the same year Pacific Century Group became the major shareholder of TGI. The name was changed again in 1999 into Pacific Century Insurance. In July of the same year the Pacific Century Insurance Holdings Limited (PCIHL) was listed on The Stock Exchange of Hong Kong Limited. Pacific Century Insurance Company Limited (PCI) became the subsidiary operating life insurance and other insurance businesses.On 26 February 2007, the share price of PCI surged 11% before the trading was suspended pending price-sensitive announcement. Three days later, the Belgian and Dutch based Fortis group announced to acquire 50.48% stake in PCI in order to expand into Asia market.
In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance
IDBI Fortis Life Insurance
IDBI Federal Life Insurance Co. Ltd., is a joint venture between three financial companies – development and commercial bank, IDBI Bank, India’s private sector bank, Federal Bank and European insurer Ageas , which was formed on March 2008...
, of which IDBI Bank owns 48 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.
Current strategy
Ageas Insurance Company (Asia) Limited ("Ageas") is one of Hong Kong's largest life insurance companies. It's a wholly owned subsidiary of Fortis, a solid international insurance group.Leveraging on global capabilities and local expertise, Ageas offers both individual and institutional customers a broad range of financial protection products and wealth management services to match their exact needs. In addition, the company provide comprehensive general insurance services in partnership with China Taiping Insurance (HK) Company Limited and the Asia Insurance Company Limited.
Shareholder information
- Pacific Century Regional Developments LimitedPacific Century Regional Developments LimitedPacific Century Regional Developments Limited is a Singapore based company owned by Hong Kong's Richard Li, son of Hong Kong billionaire Li Ka Shing.PCRD Limited focus is a telecommunications services provider, as well as sales and services activities...
47.9% - China Insurance Group 11.3%
- Public 40.8%