FWD Group (“FWD”), the insurance arm of Pacific Century Group (“PCG”) announces that Swiss Re has entered into an agreement with PCG, whereby Swiss Re will invest up to USD 425 million into FWD.

The agreement will consist of an initial investment for a 12.3% stake and a commitment for additional investments, as FWD seeks attractive opportunities to expand further into the pan-Asian market. The initial investment is expected to close in the first quarter of 2014, subject to regulatory approvals.

As a new and dynamic entrant to the insurance market, FWD will tap into Swiss Re’s greater global insights and broad industry perspectives. This addition to its shareholder base will further enhance the already strong foundations established by FWD’s experienced team.

Julian Lipman, Chief Operating Officer of FWD Group, said: “With their rich heritage of innovation and excellence in the insurance sector, FWD is delighted to have Swiss Re, one of the industry’s leaders, as an investor in its quest to build a pan-Asian life insurance platform.”

Richard Li, Chairman of PCG, said: “As we look to build FWD for the long-term, Swiss Re’s commitment to Asia is entirely consistent with our aspirations to create a leading life insurer across the region. I am excited at the prospects for FWD to pursue opportunities that the insurance industry has not yet been able to realise.”

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

About Pacific Century Group

Pacific Century Group (PCG) was established in 1993 and has interests in property, financial services and other investments in the Asia Pacific region. PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia.

Since its inception, PCG has consistently invested in the financial services sector. In February 2013, PCG successfully acquired ING Groep N.V.’s Hong Kong, Macau and Thailand insurance business. In 2010, PCG acquired the global asset management operations from AIG and renamed it PineBridge Investments. Since PCG’s acquisition, PineBridge Investments has received 13 industry awards. The company has more than US $65 billion in assets under management through its global network.

About Swiss Re

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN.