Hong Kong-based insurer FWD Group has signed an agreement to buy the Hong Kong business of American insurance giant MetLife.
Under the arrangement, FWD Management – the Hong Kong registered business of FWD Group – will buy MetLife Limited and Metropolitan Life Insurance Company of Hong Kong (collectively MetLife Hong Kong) from MetLife.
Go deeper with GlobalData
The companies did not disclose the terms of the transaction, which is subject to regulatory approvals.
FWD Group expects the acquisition to further bolster its market share in Hong Kong.
FWD Group CEO Huynh Thanh Phong said: “MetLife Hong Kong is highly complementary to our existing business and the acquisition is another step towards fulfilling our ambition to build a leading pan-Asian life insurance platform.
“The acquisition signifies our confidence in the long-term growth potential of Hong Kong and we will continue to commit substantial resources to grow our business in this compelling market. We look forward to welcoming the agents and employees from MetLife Hong Kong.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFWD added that it will rename and rebrand the business and honour all existing MetLife policies in Hong Kong.
MetLife head of strategic growth markets, Asia, Rebecca Tadikonda said: “MetLife Hong Kong is a high-quality business based on innovative products and strong distribution, matched with high levels of customer service.
“FWD is well-positioned to accelerate the growth of this business and their commitment to growing the business makes them the right steward for our customers, employees, agents and business partners.”
FWD Greater China managing director and Hong Kong CEO Ken Lau said: “This acquisition will provide new opportunities for us to continue to realise our vision to change the way people feel about insurance.”
Reports about possible deal first emerged last week.
