b'Mergers & Acquisitions | Life Sector AsiaHong KongIn July 2020, Hong Kong-based FWD Group (FWD) completed its acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong from MetLife, Inc. Despite COVID-19 and the recent social unrest in the city, FWD viewed the acquisition as a firm testament to its confidence in the long-term growth and potential of the Hong Kong insurance market. This significant transaction in one of the worlds leading financial centers raises FWDs profile globally and, together with other transactions in emerging markets throughout Southeast Asia, helps cement its position as a leading insurer in the region.FWD has since rebranded the business as FWD Life.China China continued opening up its markets to foreign investors in 2020, including by removing foreign ownership restrictions on foreign-funded life insurance companies as of January 1, 2020. HSBC Insurance (Asia) (HSBC) promptly took advantage of this development and entered into an agreement to take control of its JV in China, HSBC Life China, in May 2020. HSBC Life China was formed in 2009 as a 50/50 JV between HSBC and The National Trust Limited. According to HSBC, the transaction is structured as a transfer of The National Trusts 50% equity interest in HSBC Life China and is subject to regulatory approvals.In October 2020, JD Health, the health business of Chinas e-commerce giant JD.com, agreed to acquire a 7.71% stake in insurtech firm Shanghai Kingstar Winning Software Science and Technology Co. for $22.2 million. Founded in 2012, Shanghai Kingstar Winnings technology protects public medical insurance funds from fraud, misuse and squander, and helps super-vise financial operation, internal auditing and risk warning systems for insurance companies and medical institutions. The proceeds will be used to develop a commercial insurance actuary and compensation platform, among other things.Singapore2020 saw the largest-ever insurance M&A deal in Singapore, as the UKs Aviva sold a majority shareholding in Aviva Singapore to a consortium led by Singapore Life. The transaction com-pleted in November 2020, with the $2.4 billion combined company renamed Aviva Singlife. Aviva received SG$2.7 billion of total consideration, comprised of SG$2 billion of cash and marketable securities, SG$250 million in vendor finance notes and a 26% equity shareholding in Aviva Singlife. Other Aviva Singlife shareholders include Texas Pacific Group with a 35% stake, 18GLOBAL INSURANCE INDUSTRY | YEAR IN REVIEW2020'