The completion comes a year after the deal was first announced.
According to a statement from FWD, the transaction strengthens its presence, market share, and distribution capabilities in the Hong Kong insurance market, and it reflects the company’s continued confidence in the long-term growth potential of Hong Kong.
MetLife Hong Kong will be rebranded in the next few months, the statement said, while continuing 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.
“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,” said Huynh Thanh Phong, FWD Group chief executive. “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.”
