Fast-growing insurer FWD is seeking to launch operations in China ahead of any p...
HONG KONG - Fast-growing insurer FWD is seeking to launch operations in China ahead of any public offering and plans to bolster its non-life business in Asia, its chief executive said, as a potential shake-up looms in the region’s insurance sector.
Having spent more than $6 billion on half a dozen deals in the last six years, FWD has built up a presence in Hong Kong and Macau, Singapore, Japan, Thailand, Indonesia, Malaysia, the Philippines, and Vietnam. Huynh refused to be drawn on the timing of any IPO, saying it was for the board and shareholders to decide. But separately two people with knowledge of the plans said FWD was aiming for the second half of next year - depending on progress in China.Billionaire Li laid the foundation of FWD in 2012 with the acquisition of ING’s Hong Kong, Macau and Thailand units for $2.1 billion and has continued this bolt-on approach since.
The Asian market, worth $1.7 trillion in premiums, is expected to account for 42% of global premiums by 2029 from about a third currently, the Swiss Re Institute report showed. The spin-off will give Prudential Asia unit access to more capital which could be used for acquisitions, investment bankers have said.Compared with regional giants such as AIA and Prudential, FWD is still small: its five million customers give it $30 billion in assets, according to the company, compared with $230 billion for AIA.
Speculation about its IPO plans or other funding options have grown as FWD has expanded. Earlier this month, ratings agency Moody’s cut it outlook to negative from stable after the acquisition of the MetLife Hong Kong business.
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