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Insurer Aviva PLC has reached a deal with Hillhouse Capital and China's Tencent Holdings Ltd. to develop an insurance company in Hong Kong focusing on digital insurance.
Under the agreement, Aviva said Hillhouse and Tencent will buy shares in Aviva Hong Kong. Aviva and Hillhouse will each hold 40 percent and Tencent will hold 20 percent stake.
The deal is subject to regulatory approval.
