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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
