FWD Group has agreed to sell its bancassurance contract with Thailand’s TMB Bank to Prudential Life Assurance (Thailand). The deal is worth THB20 billion (around US$630 million) and is expected to complete by end-2020.
According to a statement from FWD, there will be a nine-month transition period beginning April 01, with the remaining term of FWD’s bancassurance contract to be entirely transferred to Prudential Thailand on December 31.
FWD said that during the transition, it will continue to offer its products and services to TMB customers and continue to honour any FWD insurance policies through TMB for the remainder of their policy terms.
The deal comes after FWD’s acquisition of SCB Life in September 2019 and the concurrent signing of a 15-year bancassurance partnership with Siam Commercial Bank (SCB), Thailand’s largest commercial bank.
“I’d like to thank TMB for their professionalism and long-term support during our collaboration over the past few years,” said FWD Group CEO Huynh Thanh Phong. “This agreement benefits all parties and, most importantly, means our TMB customers will continue to receive their protection, benefits and customer servicing in accordance with the terms of their FWD policies.”
“I am glad that this agreement is a win-win conclusion and is aligned with all parties’ business direction,” added Piti Tantakasem, TMB Bank CEO. “I would also like to thank FWD for the strong partnership and joint product development through all these years. I assure you that TMB and FWD will continue to service its policies purchased by TMB customers going forward.”
