Jeneration Holdings, a Hong Kong-based investment holding company, has agreed to acquire AXA Wealth Management (HK), the life insurance franchise of AXA in Hong Kong that operates through the Swiss Privilege brand, for HKD2.2bn ($281.4m).

The acquired business oversees individual policies through a network of salaried consultants.

The deal is expected to be completed by the end of 2018 or early 2019, subject to regulatory nod.

“This transaction would be in line with the Group’s portfolio simplification, and would allow AXA Hong Kong to focus on its core Life agency and broker channels, while simplifying its corporate structure,” AXA said in a statement.

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