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FWD Group
Insurance company based in Hong Kong From Wikipedia, the free encyclopedia
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FWD Group is an insurance company based in Hong Kong.[5][6][7][8] Founded in 2013[9] as the insurance arm of Pacific Century Group, the company provides life and medical insurance, general insurance and employee benefits[10] in Asia.[11] As of 2021, the FWD managed approximately US$63 billion in assets.[12] The company filed for its IPO in 2022 and refiled its Main Board listing application with the Hong Kong Stock Exchange on March 13, 2023.[13][14] On July 7, 2025, the company went public through an initial public offering on the HKEX.[15]
The company celebrated its 10th anniversary in 2023 and currently operates in Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia, and Cambodia.[1]
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History
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2010s
Richard Li of Pacific Century Group formed FWD Group in 2013[9] after purchasing ING Group’s insurance and pension units in Hong Kong, Macau and Thailand for US$2.1 billion.[6][11] Swiss Re bought a 12.3% stake in FWD Group in 2013[16] for $425 million.[17] Huynh Thanh Phong joined as CEO in 2013.[12] The company then expanded into the Philippines in 2014 and Indonesia in 2015. Expanding into three more countries in 2016,[5][9] that year FWD Group acquired Shenton Insurance in Singapore,[10] also purchasing a unit from Great Eastern Holdings Ltd. in Vietnam[9] for $35 million.[18] In late 2016, FWD agreed to buy AIG's Fuji Life Insurance Co. in Japan.[9] By April 2017, FWD had[19] $24.4 billion in assets under management[5] and sponsored the Clockenflap music festival.[20] In 2018 FWD agreed to purchase an Indonesian life insurance venture, PT Commonwealth Life, from the Commonwealth Bank of Australia for $300 million.[21] When the acquisition completed in 2020, PT Commonwealth Life was rebranded PT FWD Life Indonesia.[22] FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018,[21] acquiring 49% of HSBC Amanah Takaful (Malaysia),[18] now renamed FWD Takaful (Malaysia).[23]
In June 2019, FWD Group purchased MetLife's business in Hong Kong[8][16] reportedly for around $400 million.[11] 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."[8][24] FWD also launched its Malaysian takaful (Islamic insurance) market at the end of July 2019.[25] 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,[7] in November 2019, FWD agreed to acquire Vietcombank-Cardif Life Insurance, a joint venture between Vietcombank and BNP Paribas Cardif,[26] for $400 million.[18] FWD announced in December 2019 it would exit its group medical insurance business in Singapore by December 2020.[10][27]
2020s
In March 2020, Prudential acquired a bancassurance partnership in Thailand from FWD Group for $753 million.[28] The same month, FWD Vietnam Life became the largest life insurer in Vietnam by charter capital.[29] 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.[30] By September 2020, press reported that FWD Group was considering an initial public offering in Hong Kong.[16] That month, the company purchased a stake in IPP Financial Advisers.[31] As of 2020, FWD Group had $50.9 billion in assets under management and 7.5 million customers.[16] By 2021, the company managed approximately US$63 billion in assets and had 6,100 employees in Asia.[1]
In 2022, the company's Value of New Business reached US$823 million, up 29% compared to 2021, and its segmental adjusted operating profit before tax was US$334 million, representing an 83% increase over the previous year.[32][5]
In 2023, the company entered the Malaysian life insurance market through an investment in Gibraltar BSN Life Berhad, which was renamed FWD Insurance Berhad. Alongside other investors, FWD Group acquired a stake from The Prudential Insurance Company of America, a wholly owned subsidiary of the US-based, NYSE-listed Prudential Financial, Inc. (PFI).[33][34] On March 13, 2023, FWD refiled its Main Board listing application for its Hong Kong IPO, with total private placement amounting to US$1.825 billion since December 2021.[35] In May of the same year, the company appointed Sid Sankaran as a Managing Director and its Chief Financial Officer (CFO).[2] In August, FWD Group received investment-grade credit ratings from Fitch Ratings and Moody’s. Fitch assigned FWD Group a long-term Issuer Default Rating (IDR) of “BBB+” with a stable outlook; Moody’s assigned a Baa2 issuer rating to FWD Group with a positive outlook.[36]
In March 2024, FWD completed an additional investment for a 21% stake in FWD Takaful Berhad, making it the majority shareholder with a 70% holding.[37] In May of the same year, the company launched a new health business, FWD HealthyMe, and appointed Dr. Sarah Salvilla as Chief Health Officer.[38]
For the year 2024, the company reported a net profit after tax of US$24 million, with operating profit after tax rising 29% from last year to US$463 million.[3]
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Community involvement and corporate social responsibility
From 2017-2020, FWD Group was the title sponsor of the North Pole Marathon, supporting environmental protection efforts. The company also collaborated with EcoMatcher to plant forests in the Philippines, Thailand, and Indonesia.[39]
In April 2020, FWD Philippines launched a Covid-19 Charity Drive to donate to healthcare workers and provide essential supplies across its operational regions.[40] In 2022, the company collaborated with Junior Achievement Asia Pacific to introduce JA SparktheDream, a program focused on teaching financial literacy, innovation, and social awareness to primary school students, teachers, parents, and volunteers. [41]
To commemorate its 10th anniversary in 2023, FWD initiated the 10 Grants in 10 Markets program, offering grants to support charitable programs focused on financial inclusion.[42]
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Business
Since its foundation in 2013, FWD has expanded to operate in 10 markets including Japan, Singapore, the Philippines, Indonesia, Vietnam, Malaysia, and Cambodia.[1] Notable acquisitions of the company include MetLife's business in Hong Kong and SCB Life Assurance in Thailand.[8]
FWD provides a range of insurance products, including life and medical insurance, general insurance, employee benefits, and health services such as FWD HealthyMe.[11][38]
See also
References
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