FWD Group
150px | |
Private | |
Industry | Financial services (insurance) |
Founded | 2013 in Hong Kong |
Founder | Richard Li |
Headquarters | Hong Kong |
Areas served
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Hong Kong, Macau, Thailand, Malaysia, Indonesia, the Philippines, Vietnam, Japan, Singapore, Cambodia[1] |
Key people
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|
AUM | US$63 billion (2021)[1] |
Owner | Apollo Global Management, Canada Pension Plan Investment Board, Huatai Securities, Li Ka Shing Foundation, Metro Pacific Investments and Pacific Century Group[1] |
Number of employees
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6,100 (2021[1]) |
Parent | Pacific Century Group |
Website | fwd |
FWD Group is a multinational insurance company based in Hong Kong.[3][4][5][6] Founded in 2013[7] as the insurance arm of Pacific Century Group, FWD Group sells life and medical insurance, general insurance and employee benefits[8] in Asia.[9] The company had USD$50.9 billion in assets under management in 2020[10] and in 2021 was managing US$63 billion in assets. On March 13, 2023, FWD Group refiled its Main Board listing application with The Stock Exchange of Hong Kong.[11] The initial filing was made on February 28, 2022.[12] In 2023, FWD celebrated its 10th anniversary, and currently operates in Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia and Cambodia.[1]
History
2013-18
Richard Li of Pacific Century Group formed FWD Group in 2013[7] after purchasing ING Group’s insurance and pension units in Hong Kong, Macau and Thailand for US$2.1 billion.[4][9] Swiss Re bought a 12.3% stake in FWD Group in 2013[10] for $425 million.[13] Huynh Thanh Phong joined as CEO in 2013.[14] The company then expanded into the Philippines in 2014 and Indonesia in 2015. Expanding into three more countries in 2016,[3][7] that year FWD Group acquired Shenton Insurance in Singapore,[8] also purchasing a unit from Great Eastern Holdings Ltd. in Vietnam[7] for $35 million.[15] In late 2016, FWD agreed to buy AIG's Fuji Life Insurance Co. in Japan.[7] By April 2017, FWD had[16] $24.4 billion in assets under management[3] and sponsored the Clockenflap music festival.[17] In 2018 FWD agreed to purchase an Indonesian life insurance venture, PT Commonwealth Life, from the Commonwealth Bank of Australia for $300 million.[18] When the acquisition completed in 2020, PT Commonwealth Life was rebranded PT FWD Life Indonesia.[19] FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018,[18] acquiring 49% of HSBC Amanah Takaful (Malaysia),[15] now renamed FWD Takaful (Malaysia).[20]
2019-23
In June 2019, FWD Group purchased MetLife's business in Hong Kong[6][10] reportedly for around $400 million.[9] That month, FWD Group agreed to buy SCB Life Assurance, the life insurance business of Thailand’s Siam Commercial Bank, for $3 billion, "reflecting the largest insurance deal in Southeast Asia in terms of value."[6][21] FWD also launched its Malaysian takaful (Islamic insurance) market at the end of July 2019.[22] By August 2019, FWD had applied for a license to enter a joint venture in China. Having spent $6 billion on mergers and acquisitions since its founding,[5] in November 2019, FWD agreed to acquire Vietcombank-Cardif Life Insurance, a joint venture between Vietcombank and BNP Paribas Cardif,[23] for $400 million.[15] FWD announced in December 2019 it would exit its group medical insurance business in Singapore by December 2020.[24][25]
In March 2020, Prudential acquired a bancassurance partnership in Thailand from FWD Group for $753 million.[26] The following month, FWD Vietnam Life became the largest life insurer in Vietnam by charter capital.[27] In April 2020 FWD Group launched a Covid-19 Charity Drive.[28] In June 2020, FWD Group purchased a minority stake in the life insurance arm of PT Bank Rakyat Indonesia (BRI), PT Asuransi BRI Life, for a reported $300 million.[29] By September 2020, press reported that FWD Group was considering an initial public offering in Hong Kong.[10] That month, FWD Insurance purchased a stake in IPP Financial Advisers.[30] In 2020, FWD Group had $50.9 billion in assets under management and 7.5 million customers, with 6,200 employees in Asia.[10]
In 2022, FWD Group's Value of New Business reached US$823 million, up 29% compared to 2021, and it's segmental adjusted operating profit before tax was US$334 million, representing an 83% increase over the previous year.[31][32][11]
FWD Group has 6,100 employees and $63 billion in assets under management, and as of 2023 approximately 10 million customers across 10 markets.[14][1]
In February 2023, FWD Group announced an investment in Gibraltar BSN Life Berhad (Gibraltar BSN) to enter the Malaysian life insurance market. Together with other investors, FWD Group will acquire 70% stake from The Prudential Insurance Company of America, the wholly owned subsidiary of US-based NYSE-listed Prudential Financial, Inc. (PFI).[33]
On March 13, 2023, FWD refiled for a Hong Kong IPO with total private placement amounting to US$1.825 billion since December 2021.[34]
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Hong Kong tycoon Richard Li’s FWD to raise up to $3bn in US IPO"; FT
- ↑ "Our Team;" FWD Group
- ↑ 3.0 3.1 3.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ 7.0 7.1 7.2 7.3 7.4 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 8.0 8.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 9.0 9.1 9.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 10.0 10.1 10.2 10.3 10.4 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 11.0 11.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 14.0 14.1 "FWD's Huynh Thanh Phong - 'You have to find the right way to connect'"; FT
- ↑ 15.0 15.1 15.2 Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ "Tycoon Richard Li Insurer FWD Files for $2 Billion U.S. IPO"; Bloomberg
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ "Life Insurer FWD Refiles Hong Kong Listing Application"; AM Best
External links
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