FWD acquires MetLife Hong KongJune 28 2019 by Andrew Tjaardstra
FWD has agreed to acquire MetLife Hong Kong from MetLife for an undisclosed sum.
The acquisition shows the company’s ambitious drive for quick growth and also faith in the expansion of the Hong Kong market.
Huynh Thanh Phong, FWD group chief executive, commented: “MetLife Hong Kong is highly complementary to our existing business and the acquisition is another step towards fulfilling our ambition to build a leading pan-Asian life insurance platform.”
“The acquisition signifies our confidence in the long-term growth potential of Hong Kong and we will continue to commit substantial resources to grow our business in this compelling market. We look forward to welcoming the agents and employees from MetLife Hong Kong.”
Rebecca Tadikonda, MetLife head of strategic growth markets, Asia, commented, “MetLife Hong Kong is a high-quality business based on innovative products and strong distribution, matched with high levels of customer service. FWD is well-positioned to accelerate the growth of this business and their commitment to growing the business makes them the right steward for our customers, employees, agents and business partners.”
Ken Lau, FWD Greater China managing director and Hong Kong chief executive, said: “Through our innovative, relevant and easy-to-understand product offerings, convenient customer and claims services, as well as multi-distribution channel strategies, I’m confident our combined Hong Kong team will achieve new milestones in a market with such enormous long-term growth potential for insurance.”
The transaction is subject to regulatory approvals while FWD intends to rename and rebrand the business.
Law firm Debevoise & Plimpton advised FWD on the deal.
Another recent deal in the life insurance space in Hong Kong was the acquisition by a wholly-owned subsidiary of NWS Holdings of FT Life for HK$21.5 billion (US$2.75 billion).
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