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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 2025, the FWD managed approximately US$62.4 billion in assets.[4] 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. The company had previously dropped a planned US IPO of up to $3 billion in 2021 amid regulatory concerns over Chinese government oversight of overseas listings, and subsequent attempts to list in Hong Kong were stalled by unfavourable market conditions.[12] FWD eventually launched its Hong Kong IPO in June 2025, pricing 91.3 million shares at HK$38 each to raise HK$3.5 billion (US$442 million), with Mubadala Capital and Japan’s T&D Holdings as cornerstone investors; the shares began trading on 7 July 2025, valuing the company at more than US$6 billion.[12][13][14][15] 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.[14][15] On July 7, 2025, the company went public through an initial public offering on the HKEX.[16][17]

The company currently operates in Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia, and Cambodia.[1]

History

2010s

FWD Financial Centre in 2013 in Hong Kong.

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[18] for $425 million.[19] Huynh Thanh Phong joined as CEO in 2013.[20] 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.[21] In late 2016, FWD agreed to buy AIG‘s Fuji Life Insurance Co. in Japan.[9] The Japan acquisition fit into FWD Group’s broader pan-Asian expansion strategy, with CEO Huynh Thanh Phong framing the deal as a way to gain access to an established distribution network and customer base in the country.[9][22] For AIG, the divestiture was part of CEO Peter Hancock’s strategy to simplify the group and free up capital for share repurchases, following pressure from activist investor Carl Icahn.[23] In 2018 FWD agreed to purchase an Indonesian life insurance venture, PT Commonwealth Life, from the Commonwealth Bank of Australia for $300 million.[24] When the acquisition completed in 2020, PT Commonwealth Life was rebranded PT FWD Life Indonesia.[25] FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018,[24] acquiring 49% of HSBC Amanah Takaful (Malaysia),[21] now renamed FWD Takaful (Malaysia).[26]

In 2018 FWD agreed to purchase an Indonesian life insurance venture, PT Commonwealth Life, from the Commonwealth Bank of Australia for $300 million.[24] When the acquisition completed in 2020, PT Commonwealth Life was rebranded PT FWD Life Indonesia.[27] FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018,[24] acquiring 49% of HSBC Amanah Takaful (Malaysia),[21] now renamed FWD Takaful (Malaysia).[28]

In June 2019, FWD Group purchased MetLife‘s business in Hong Kong[8][18] 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][29] FWD also launched its Malaysian takaful (Islamic insurance) market at the end of July 2019.[30] 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,[31] for $400 million.[21] FWD announced in December 2019 it would exit its group medical insurance business in Singapore by December 2020.[10][32]

2020s

FWD Tower in Jakarta, Indonesia.

In March 2020, Prudential acquired a bancassurance partnership in Thailand from FWD Group for $753 million.[33] The same month, FWD Vietnam Life became the largest life insurer in Vietnam by charter capital.[34] 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.[35] By September 2020, press reported that FWD Group was considering an initial public offering in Hong Kong.[18] That month, the company purchased a stake in IPP Financial Advisers.[36] As of 2020, FWD Group had $50.9 billion in assets under management and 7.5 million customers.[18] 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.[37][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).[38][39] 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.[40] 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.[41]

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.[42] In May of the same year, the company launched a new health business, FWD HealthyMe, and appointed Dr. Sarah Salvilla as Chief Health Officer.[43]

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]

In 2025, Fitch updated FWD Group’s long-term IDR to “BBB+” with a insurer financial strength (IFS) rating of A for its core life insurance operating entities.[44][45] Moody’s updated FWD Group’s issuer rating to Baa1 with a notional IFS rating of A2 for its major life insurance operating.[46] For the year 2025, the company reported an increase in net profit of US$166 million under IFRS 17 and operating profit after tax of US$499 million.[47]

Community involvement and corporate social responsibility

By April 2017, FWD had[48] $24.4 billion in assets under management[5] and sponsored the Clockenflap music festival.[49]

Business

Since its foundation in 2013, FWD has expanded to operate in 10 markets including Hong Kong, Macau, Thailand, 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][43]

See also

References

  1. ^ a b c d e Lockett, Hudson (2021-06-17). “Hong Kong tycoon Richard Li’s FWD to raise up to $3bn in US IPO”. Financial Times.
  2. ^ a b “Sid Sankaran joins FWD Group Holdings”. The Royal Gazette. 2023-05-31. Retrieved 2024-08-01.
  3. ^ a b c “FWD Group achieves first IFRS 17 net profit”. www.insurancebusinessmag.com. Retrieved 2025-04-30.
  4. ^ a b c “WD Group fact sheet FY 2025_EN” (PDF). Retrieved 15 May 2026.
  5. ^ a b c d Baigorri, Manuel (2021-06-17). “Tycoon Richard Li Insurer FWD Files for $2 Billion U.S. IPO”. www.bloomberg.com.
  6. ^ a b “Hong Kong Insurer FWD Group Eyes Singapore Listing”. Insurance Journal. July 31, 2018.
  7. ^ a b Soon, Stella (September 20, 2019). “Asian insurer FWD is expanding aggressively in Asia”. CNBC.
  8. ^ a b c d “Richard Li’s FWD acquires life insurance unit of Thailand’s Siam Commercial Bank”. South China Morning Post. July 1, 2019.
  9. ^ a b c d e f “AIG Agrees to Sell Japan Life Business to Hong Kong’s FWD Group”. Carrier Management. 15 November 2016. Retrieved 2021-03-04.
  10. ^ a b c “FWD to pull out of group medical insurance business in Singapore”. The Straits Times. 4 December 2019.
  11. ^ a b c d “Richard Li’s FWD Group acquiring an Asian insurance empire”. www.ft.com. 28 June 2019.
  12. ^ a b Fioretti, Julia (25 June 2025). “Richard Li’s FWD Group Seeks $442 Million in Hong Kong IPO”. Bloomberg. Retrieved 18 May 2026.
  13. ^ “Richard Li’s FWD rises in HK debut, reversing earlier decline”. China Daily Hong Kong. Agencies. 7 July 2025. Retrieved 18 May 2026.
  14. ^ a b “Billionaire Richard Li’s FWD Files for Hong Kong IPO”. Wall Street Journal. February 28, 2022.
  15. ^ a b “Billionaire Li’s FWD Filing HK IPO Application Again, Sources Say”. Wall Street Journal. March 13, 2023.
  16. ^ “FWD rises as it ends listing quest with a win in its hometown market”. South China Morning Post. 7 July 2025. Retrieved 7 July 2025.
  17. ^ “Insurer FWD Group could launch $500 million Hong Kong IPO next week, sources say”. Reuters. 19 June 2025.
  18. ^ a b c d “Richard Li’s FWD Plans Up to $3 Billion Hong Kong IPO – Bloomberg”. 23 September 2020.
  19. ^ “Pacific Century sells FWD stake to reinsurer”. South China Morning Post. 17 October 2013. Retrieved 2021-03-04.
  20. ^ “FWD’s Huynh Thanh Phong – ‘You have to find the right way to connect'”; FT
  21. ^ a b c d “FWD Group ‘close to acquiring Vietcombank’ for $400m”. www.internationalinvestment.net. 2019-09-24. Retrieved 2021-03-04.
  22. ^ “Upstart Hong Kong insurer FWD seeks a pan-Asian reach”. Nikkei Asia.
  23. ^ Basak, Sonali; Ho, Prudence (15 November 2016). “AIG Agrees to Sell Japan Life Business to Hong Kong’s FWD Group”. Insurance Journal.
  24. ^ a b c d “FWD to bag CBA’s Indonesia unit”. The Jakarta Post. 24 October 2018. Retrieved 2021-03-04.
  25. ^ “FWD Life rebrands business as acquisition completed”. The Jakarta Post. 8 June 2020.
  26. ^ Ching, Ooi Tee (2019-03-26). “Salim Majid Zain now heads FWD Takaful | New Straits Times”. NST Online. Retrieved 2021-06-28.
  27. ^ “FWD Life rebrands business as acquisition completed”. The Jakarta Post. 8 June 2020.
  28. ^ Ching, Ooi Tee (2019-03-26). “Salim Majid Zain now heads FWD Takaful | New Straits Times”. NST Online. Retrieved 2021-06-28.
  29. ^ “SCB, FWD Group set to reach life insurance deal”. Bangkok Post. 30 March 2019.
  30. ^ “Brand launch for Takaful provider | The Star”. www.thestar.com.my. 29 July 2019.
  31. ^ Vu, Anshuman Daga, Khanh (12 November 2019). “FWD in insurance distribution deal with Vietcombank bank, buys venture”. Reuters. Retrieved 2021-03-04.{{cite news}}: CS1 maint: multiple names: authors list (link)
  32. ^ “FWD Singapore to drop group medical insurance”. www.internationalinvestment.net. 2019-12-05. Retrieved 2021-03-04.
  33. ^ “Prudential signs $753 mn deal with FWD Group”. mint. 2020-03-19. Retrieved 2021-03-04.
  34. ^ “Vietnam: FWD group strengthens life business”. Asia Insurance Review. 28 April 2020. Retrieved 2021-03-04.
  35. ^ “FWD to buy stake in Indonesian life insurer for about US$300 million”. South China Morning Post. 2020-06-23. Retrieved 2021-03-04.
  36. ^ “FWD Insurance buys minority stake in financial advisory company”. www.spglobal.com. 9 September 2020. Retrieved 2021-03-04.
  37. ^ “Hong Kong Tycoon’s FWD Nears Filing for $1 Billion IPO”. Bloomberg. February 27, 2022.
  38. ^ “FWD enters Malaysian life insurance with Gibraltar BSN investment”. Insurance Business. February 21, 2023.
  39. ^ Or, Mary (2023-04-04). “FWD Group acquires majority stake in Gibraltar BSN”. www.insurancebusinessmag.com. Retrieved 2024-07-31.
  40. ^ “Life Insurer FWD Refiles Hong Kong Listing Application”. news.ambest.com. 2023-03-14. Retrieved 2024-07-31.
  41. ^ Cueto, Junalyn (2023-08-26). “FWD Group announces inaugural investment grade ratings”. www.insurancebusinessmag.com. Retrieved 2024-08-01.
  42. ^ Jain, Saumya (2024-03-18). “FWD Group becomes majority stakeholder of FWD Takaful Berhad – Reinsurance News”. Reinsurance News. Retrieved 2024-08-01.
  43. ^ a b Libatique, Roxanne (2024-05-07). “FWD Group unveils new health business”. Insurance Business. Retrieved 2024-08-01.
  44. ^ “Fitch Revises Outlook on FWD Group Holdings to Positive”. FitchRatings. Retrieved 18 May 2026.
  45. ^ Li, Jessica (9 December 2025). “Fitch upgrades FWD Group outlook on strengthening profitability – (Re)in Asia”. Retrieved 18 May 2026.
  46. ^ “Moody’s upgrades FWD Group’s ratings”. InsuranceBusinessMag. Retrieved 18 May 2026.
  47. ^ “FWD profit up six-fold in first Hong Kong-listed year”. InsuranceBusinessMag. Retrieved 18 May 2026.
  48. ^ Daga, Sumeet Chatterjee, Anshuman (2017-04-19). “Thailand’s Siam Commercial in exclusive talks with FWD for $3 billion insurance sale: sources”. Reuters. Retrieved 2021-03-04.{{cite news}}: CS1 maint: multiple names: authors list (link)
  49. ^ “Why FWD does not act like a traditional insurance brand and sponsors music festivals”. The Drum. 23 November 2017.