FWD Group today announced that it completed its acquisition of AIG Fuji Life Insurance Company, Ltd. (AFLI) from American International Group, Inc. (NYSE: AIG) on April 30, 2017. Terms of the deal have not been disclosed.
FWD Group plans to rename the business as FWD Fuji Life Insurance Company Ltd., subject to regulatory approval.
All existing policies will continue to be honoured by FWD and AFLI customers will continue to be able to engage with the company using their preferred service channels.
“The completion of this deal is a landmark for FWD and a significant milestone in our journey as we strive to become the leading pan-Asian insurer that changes the way people feel about insurance,” said Huynh Thanh Phong, FWD Group Chief Executive Officer.
“I look forward to working with our new management team in Japan, along with the existing staff of AFLI, to grow the business through long term investment and implementation of our customer-led, technology-driven approach.”
Norio Tomono, CEO of AFLI, said, “I am delighted to have the honour of leading our company into an exciting new chapter in its history. I strongly believe that our clients and colleagues will benefit from FWD’s commitment to growing our life insurance business in Japan and look forward to achieving new milestones together.”