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The acquisition is the latest in a series of recent activities which has seen the firm snapping up insurance assets across Asia. In October 2018, it acquired Commonwealth Bank of Australia’s Indonesian life insurance arm, and in September 2017, it purchased American AIG’s Japanese life insurance unit.
In a statement, FWD said that its latest acquisition will further increase its market share in Hong Kong and reinforces its position as a leading life insurer in the territory. FWD assured MetLife Hong Kong customers that all existing policies will continue to be honoured by FWD following the change in ownership. FWD also confirmed that it intends to rename and rebrand the business.
“MetLife Hong Kong is a high-quality business based on innovative products and strong distribution, matched with high levels of customer service,” said Rebecca Tadikonda, head of strategic growth markets, Asia at MetLife. “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.”
“This acquisition will provide new opportunities for us to continue to realise our vision to change the way people feel about insurance,” said Ken Lau, greater China managing director and Hong Kong chief executive officer of FWD. “I’m excited to lead a new chapter with our expanded Hong Kong team. Through our innovative, relevant and easy-to-understand product offerings, convenient customer and claims services, as well as multi-distribution channel strategies, I’m confident our combined Hong Kong team will achieve new milestones in a market with such enormous long-term growth potential for insurance.”
“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,” said Huynh Thanh Phong, chief executive officer of FWD Group. “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.”
The transaction is subject to regulatory approvals. Terms of the deal were not disclosed.
