FWD Insurance has reportedly obtained a minority stake in financial advisory firm IPP Financial Advisers (IPPFA) for an unknown sum.
The strategic tie-up is expected to bolster FWD’s capability to design competitive life insurance products. It will also fortify IPPFA’s position in Singapore as a financial planning institution with complete access to a range of products from insurers and fund houses.
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As part of the development, IPPFA, which offers expertise in wealth planning, advance insurance planning and global investments advisory services, will leverage FWD’s technology solutions to digitalise its processes.
Additionally, the insurer’s broad network across the Asia region is expected to fuel the company’s growth in the Asia-Pacific region. At present, IPPFA is said to have over 50,000 clients and nearly S$1.4bn in assets under advice.
IPPFA CEO Tay Huai Eng was quoted by The Asset as saying: “We are extremely pleased to welcome FWD as our strategic partner in IPP Financial Advisers.
“As a major pan-Asian Insurer, FWD’s capital resources, expertise, and market knowledge will further enhance our company’s growth and expansion in Singapore and the region. It will also strengthen our professional staffing and technology capabilities.”
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By GlobalDataFWD, which was found in 2013, maintains its presence in Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia through offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products.
FWD Singapore life business general manager Adrian Vincent was quoted as saying: “We’re delighted to be partnering with IPP Financial Advisers.
“Their reputation as a premier organization dedicated to providing excellent wealth planning and management for their clients aligns with FWD’s ambition to make financial security accessible to everyone. We share a mutual commitment to continued growth in the region and look forward to supporting them as they continue to lead the way in the financial planning arena.”
Recently, FWD Group wrapped up its acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong from US-based MetLife.
