b'MERGERS & ACQUISITIONSBANC A SSUR ANCESome notable transactions in the bancassurance sector in 2021 include: Hong Kong: In March 2021, AIA acquired 100% of BEA Life (BEA) a wholly-owned subsidiary and the life insurance unit of the Bank of East Asia. AIA also entered into an exclusive 15-year strategic bancassurance partnership with BEA, under which BEA would become the exclusive distributor of AIAs life insurance and long-term savings products to retail banking customers. The sale was widely viewed as a partial victory for Paul Singers Elliott Management, which holds 8% shareholding in BEA and had been forcing BEA to sell its business since 2014. Myanmar: In January 2021, Prudential Myanmar Life Insurance and Yoma Bank entered into an exclusive partnership for bancassurance services after receiving regulatory approval from Myanmar government. As part of the agreement, Yoma Bank would distribute Prudential Myanmar Life Insurances savings and financial protection products at its branches. Yoma Bank is one of the largest banks in Myanmar.New Zealand: In July 2021, Westpac Group agreed to sell Westpac Life NZ Limited, its New Zealand life insurance arm, to Fidelity Life for NZ$400 million. Fidelity Life would also enter into a 15-year life insurance distribution arrangement with Westpac Life NZ Limited. Fidelity Life is the largest New Zealand owned and operated life insurer. In November 2021, nib holdings, through its New Zealand subsidiary, nib New Zealand, proposed to acquire 100% of shares in Kiwi Insurance for NZ$45 million from Kiwi Group Holdings. Nib, an Australian-based health and medical insurance company, would also enter into an exclusive insurance referral partnership, in which Kiwibank would refer its customers to nib for their insurance needs on a commission basis. The deal is expected to complete in early 2022.34|Global Insurance Industry Year in Review 2021'