Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Alec is currently a partner in KT Capital Group and the Chinese shareholder representative of a publicly-listed insurer in Kazakhstan. 

Previously, he served as the Research & Investments Partner at Re:base Ventures, a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Insurance & Central Asia-focused Analyst

FWD: An Ideal Acquisition Target for Korean Insurers?

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Private Capital Markets

<ul>
<li>HSBC reported to have shortlisted 3 bidders for its Singapore life insurance manufacturing business at a valuation of up to USD 2 billion, a premium valuation given its 2024 BV.</li>
<li>We view that Sumitomo Life appears the most competitive bidder, esp. given its previous willingness to pay premium valuations to acquire life insurance assets in Singapore.</li>
<li>Allianz retains strategic conviction, underscored by its earlier, ultimately aborted attempt to acquire Income Insurance, but likely faces a much higher price hurdle now than in 2024.</li>
</ul>


HSBC reported to have shortlisted 3 bidders for its Singapore life insurance manufacturing business at a valuation of up to USD 2 billion, a premium valuation given its 2024 BV.
We view that Sumitomo Life appears the most competitive bidder, esp. given its previous willingness to pay premium valuations to acquire life insurance assets in Singapore.
Allianz retains strategic conviction, underscored by its earlier, ultimately aborted attempt to acquire Income Insurance, but likely faces a much higher price hurdle now than in 2024.


HSBC Life Singapore Sale: Which Bidder Is Likely Going to Win?