[HONG KONG] Fast-growing insurer FWD is seeking to launch operations in China ahead of a public offering and plans to bolster its non-life business in Asia, its chief executive said, as a potential shake-up looms in the region's insurance sector. Read more at The Business Times.
Fast-growing insurer FWD is seeking to launch operations in China ahead of a public offering and plans to bolster its non-life business in Asia, its chief executive said, as a potential shake-up looms in the region's insurance sector.[HONG KONG] Fast-growing insurer FWD is seeking to launch operations in China ahead of a public offering and plans to bolster its non-life business in Asia, its chief executive said, as a potential shake-up looms in the region's insurance sector.
FWD has applied for a licence to operate a majority-owned joint venture in China, the world's No 2 insurance market, which, according to a Swiss Re Institute report, is forecast to account for 20 per cent of global premium by 2029, up from 11 per cent in 2018.
" M&A in Asia is very limited we have to be very opportunistic," he said, identifying India, where the company is looking for a potential partner, and Australia as other markets FWD is interested in. Asia is also bracing for the spin-off of the international businesses of the UK's Prudential, led by its Asian business boasting 15 million life insurance customers and US$117 billion in assets, according to its 2018 annual report.
Besides Mr Li, other minority shareholders in FWD include Swiss Re, which came on board with a 12.3 per cent stake in 2013, Singapore wealth fund GIC, and Chinese private equity firm Hopu Investments. Fitch also put the company on"rating watch evolving" citing uncertainty about the impact of the acquisition on the company's capital, debt service capabilities, and financial flexibility.
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