Dutch insurer ING has disposed of its underwriting businesses in Hong Kong, Macau and Thailand to Pacific Century Group (PCG), for a combined consideration of €1.64bn ($2.14bn) in cash.
ING insurance operations in Hong Kong and Macau comprise life insurance, general insurance, pension and financial planning units, while Thai operation includes life insurance.
The agreement, which was originally inked on 19 October 2012, has offered a net gain of nearly €1bn to the Netherlands based underwriter.
The company is offloading its banking and insurance businesses across the globe to streamline operations and refund the government bailout it received during the 2008 financial crisis.
The firm said that the disposal of the businesses, are in line with the previously announced intended divestment of its Asian insurance and investment management activities.
The divestment of insurance business will not affect ING Investment Management's fund management businesses in Hong Kong and Thailand.
In Hong Kong and Macau, the company serves over 270,000 customers, while in Thailand it caters services to more than 300,000 customers.
Established in 1993, PCG operates in financial services, real estate, satellite communications, media and telecommunication services in Asia.
