Lays the groundwork for China insurance market entry
Hong Kong, 11 November 2014 – FWD Hong Kong announced the official
opening of FWD’s representative office in Shanghai. The milestone will pave the way for
FWD to establish a life insurance company in China. The FWD Shanghai Representative
Office is located in one of Shanghai’s central business districts, JinAn District.
David Wong, Chief Executive Officer, Hong Kong & Macau and Executive
Vice President, Greater China Region, spoke at the opening event, "Shanghai is an
important financial centre and a strategic starting point for FWD in China. The China
(Shanghai) Pilot Free Trade Zone ("Shanghai Free Trade Zone") is also the first ever
free trade zone established in the mainland. We are confident that it will play a vital
role in driving innovation and sustainable growth of China’s insurance industry in the
David continued, "The official opening of our new representative office was made
possible with the assistance and support of various government departments of Shanghai.
FWD plans to set up a life insurance company in China specialising in online health
insurance products and services. This aligns with the State Council’s blueprint for
promoting the development of diversified health insurance and innovative endowment as
stated in the Several Opinions on Accelerating the Development of a Modern Insurance
Industry ("new ten national rules”) released this August. The FWD Shanghai
Representative Office will focus on preparatory work for market entry including market
research and partnership formation. We will also work closely with the Shanghai Free
Trade Zone to further explore development opportunities for Hong Kong insurers."
FWD's vision is to become a leading pan-Asian life insurer that changes the way people
feel about insurance. As China’s insurance market flourishes, its development is
further supported by the "new ten national rules” that vowed to make commercial
insurance an essential pillar of the country's social security system.
“We believe FWD's entry into China’s insurance market will further strengthen FWD
Group's competitive edge in the pan-Asian arena. FWD possesses an experienced
management team with a strategic focus on leveraging technology. With a deep-rooted
customer-led approach to business, we are confident that FWD can contribute to the
long-term innovation and growth of the insurance industry in China."
FWD Shanghai Representative Office: 2207N, 1228 YanAn Road Middle, JinAn Kerry Centre
III JinAn District, Shanghai, China 200040
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About FWD Hong Kong
FWD is the insurance business arm of the private investment group, Pacific Century
Group. FWD’s business spans Hong Kong, Macau, Thailand and the Philippines offering
life insurance services, as well as general insurance, employee benefits and financial
planning services in Hong Kong. FWD also has a brand presence in Indonesia. FWD’s
strategic focus is to leverage technology to enhance customer experience, deliver
innovative products, and invest in talent to create a leading pan-Asian life insurer
that changes the way people feel about insurance.
The life insurance and general insurance operating entities of FWD Hong Kong have been
assigned strong financial strength ratings by international rating agencies. FWD Life
Insurance Company (Bermuda) Limited is rated “A3” by Moody’s and “A” by Fitch. FWD
General Insurance Company Limited is rated “A” by Fitch.
For more information please visit WWW.FWD.COM.HK