FWD Management Holdings Limited, the Hong Kong-registered business of FWD Group, has completed the acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited from MetLife, Inc.
The company statement said that the acquisition further strengthens FWD's presence, market share, and distribution synergies in the Hong Kong insurance market, as well as underlines the company's continued confidence in the long-term growth potential of Hong Kong.
FWD looks forward to officially welcoming the employees, agents, business partners and customers of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively "MetLife Hong Kong") in due course.
FWD will be renaming and rebranding the newly acquired businesses in the next few months. At the same time, MetLife Hong Kong will continue to operate through all its existing channels across its businesses. All existing MetLife Hong Kong policies will continue to be honoured by FWD following the change in ownership.
Huynh Thanh Phong, FWD Group Chief Executive Officer said, "This acquisition is a firm testament to our confidence in the long-term growth and potential of the Hong Kong insurance market and enhances our reach and platform in our flagship market. I'm very proud of our team who have worked tirelessly to successfully complete yet another landmark acquisition in our journey to become a leading pan-Asian insurer and look forward to welcoming our newest employees, agents, partners and customers from MetLife Hong Kong."
Ken Lau, FWD Greater China Managing Director and Hong Kong Chief Executive Officer said, "This is another milestone day for FWD as completing the MetLife Hong Kong acquisition gives us an opportunity to share our unique and leading customer experience with even more customers in Hong Kong. I'm excited to take on new challenges with our expanded Hong Kong team and look forward to welcoming MetLife Hong Kong agents and employees as we continue to change the way people feel about insurance."
Total gross premiums in Hong Kong were up 10.9% y-o-y to HK$165 billion in the first quarter.
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. Established in Asia in 2013, FWD is the insurance business of investment group, Pacific Century Group.
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