FWD agrees to acquire MetLife Hong Kong
Hong Kong, 28 June 2019 – FWD Management Holdings Limited (“FWD”), the Hong Kong registered business of FWD Group, today announced it has entered into an agreement to acquire MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively “MetLife Hong Kong”) from MetLife Inc. (NYSE: MET). The transaction is subject to regulatory approvals. Terms of the deal were not disclosed.
The acquisition of MetLife Hong Kong will further increase FWD’s market share in Hong Kong and reinforce its position as a leading life insurer in the city.
FWD is a growing company and believes that there is a place for everyone in the organisation. All existing MetLife Hong Kong policies will continue to be honoured by FWD following the change in ownership. FWD also intends to rename and rebrand the business.
Huynh Thanh Phong, FWD Group Chief Executive Officer, said, “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 Officer, said, “This acquisition will provide new opportunities for us to continue to realise our vision to change the way people feel about insurance. I’m excited to lead a new chapter with our expanded Hong Kong team. 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.”
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About FWD Group
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD is the insurance business of investment group, Pacific Century Group.
For more information please visit WWW.FWD.COM
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com