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FWD to raise US$1.425 billion in private placements from investors

14 December 2021 | Hong Kong
FWD Group Holdings Limited (“FWD”) today announced that it has entered into subscription agreements with a number of investors including a subsidiary of leading retirement services company Athene Holding Ltd., through an investment allocated by its asset manager Apollo, Canada Pension Plan Investment Board (“CPP Investments”), Li Ka Shing Foundation, Metro Pacific Investments Corporation (“MPIC”), Pacific Century Group, The Siam Commercial Bank Public Company Limited (“Siam Commercial Bank” or “SCB”) and Swiss Re pursuant to which the investors agreed to participate in private placements which are to raise US$1.425 billion in aggregate. The private placements are expected to complete in December 2021, subject to satisfaction of customary closing conditions.

The private placements will take the form of cash subscription of new ordinary shares to be issued by FWD. The proceeds will be used to provide additional capital to support FWD’s strong growth momentum and to reduce leverage.

Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD, said, “We’re very excited to welcome new and existing partners to invest in FWD. They bring significant expertise and extensive network to support our continued growth and enhance our distribution and investment capabilities. These latest investments in FWD reflect a recognition of our ability to continue our strong growth momentum in the attractive Asian life insurance sector.

Our strong performance has continued into 2021, with our value of new business1 growing 45%2 YoY in 1H21, followed by a 21%2 YoY growth in 3Q21, driven by strong organic growth during this period which is particularly impressive given the challenging operating environment including the impact of COVID-19 in several of our key markets.”

1. Value of new business (VNB) is present value, measured at point of sale, of future net-of-tax profits on a local statutory basis less the corresponding cost of capital. VNB is calculated quarterly, based on assumptions applicable at the start of each quarter.

2. All growth rates are on a constant exchange rate basis. This represents growth calculated as if the exchange rates used to determine the results had remained unchanged from those used in the comparative period.
About FWD Group

Established in Asia in 2013 with a trailblazer mentality, FWD is the primary insurance business of investment group, Pacific Century Group

FWD Group spans 10 markets in Asia including Hong Kong SAR & Macau SAR, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, Malaysia and Cambodia, 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 and making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to be a leading pan-Asian insurer by changing the way people feel about insurance.

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About Apollo

Apollo is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and equity. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2021, Apollo had approximately $481 billion of assets under management.

About Athene

Athene, through its subsidiaries, is a leading retirement services company with total assets of US$224.4 billion as of September 30, 2021 and operations in the United States, Bermuda, and Canada. Athene specialises in helping its customers achieve financial security and is a solutions provider to institutions. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live.
About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2021, the Fund totalled C$541.5 billion.
About Li Ka Shing Foundation

Li Ka Shing Foundation 2020 was founded by Mr. Li Ka Shing to support charitable purposes with a focus on education and healthcare initiatives.
About Metro Pacific Investments Corporation

Metro Pacific Investments Corporation (“MPIC”) is a Philippine-based, publicly listed investment management and holding company registered with the Philippine Securities Exchange Commission. MPIC is a leading infrastructure holding company with a diverse set of assets held through its operating companies. MPIC’s portfolio of infrastructure assets includes power, toll roads, and water, as well as healthcare and light rail, which are all primarily located in the Philippines.
About Pacific Century Group

Pacific Century Group (“PCG”) is an Asia-based private investment group established in 1993 with interests across three core business pillars – Technology, Media & Telecommunications, Financial Services and Property. PCG has demonstrated a strong track record of successful investing and has created a long-term sustainable network in Asia and across its core business pillars.
About Siam Commercial Bank

Siam Commercial Bank ("SCB") is the first Thai bank and a leader in providing financial services in Thailand with more than 110 years in business. SCB is a leading universal bank, offering deposits and lending and a wide range of other products and services to meet the needs of all customers. SCB's services are backed by its extensive banking network and continuous pursuit of technological innovation. SCB has been listed on the Stock Exchange of Thailand since 1976.
About Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

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