British insurance group Aviva, Chinese Internet giant Tencent Holdings and hedge fund Hillhouse Capital have combined to create an insurance company in Hong Kong, which will focus on digital insurance. Hillhouse and Tencent will acquire shares in Aviva Life Insurance, Aviva confirmed in a statement. Following completion of the transaction, Aviva and Hillhouse will each own 40% and Tencent 20% of Aviva Hong Kong. The agreement is subject to customary closing conditions, including regulatory approval. Aviva operates in Singapore, China, Indonesia, Hong Kong, Vietnam, Taiwan and India. The group has had a presence in Hong Kong for more than 150 years providing a full range of financial and insurance solutions for protection, investments, savings and retirement planning.