FWD Limited has agreed to buy a 25% interest in Bolttech Insurance (Hong Kong) from Bolttech Discovery Holdings for a base consideration of $20.72m (HK$162.6m).
The wholly owned subsidiary of Hong Kong-listed insurance company FWD Group will purchase 429,315 ordinary shares. It will fund the acquisition wholly from internal reserves.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Bolttech Discovery Holdings’ original acquisition cost for all the shares was $76.8m.
FWD Group noted that the transaction offers the “opportunity to acquire a non-controlling minority interest in a business that operates an established general insurance business in Hong Kong and with which it has maintained a long-standing commercial relationship”.
The investment is intended to reinforce the parties’ existing group medical insurance alliance and broaden their collaboration in personal general insurance, including through product ranges, distribution channels and customer support.
The Bolttech Insurance (Hong Kong) Company underwrites general insurance within and from Hong Kong.
The business previously operated as FWD General Insurance before being acquired by the bolttech Group in late 2020 and rebranded in June 2023; both FWD Group and bolttech Group belong to Pacific Century Group.
For the financial year ended 31 December 2025, the company reported an audited post-tax net loss of approximately HK$31m and consolidated net assets of HK$336m.
For the six months ended 30 June 2026, it recorded an unaudited post-tax net profit of approximately HK$21m and a net asset value of HK$349m.
Completion requires either regulatory consent or a written notice of no objection from Hong Kong’s Insurance Authority regarding an individual becoming a controller under the Insurance Ordinance.
Following completion, the governance arrangements provide for a board of up to nine directors. Investors holding between 10% and 25% may each appoint one director.
As the seller, Bolttech Discovery Holdings, is an associate of FWD controlling shareholder Richard Li Tzar Kai, the deal constitutes a connected transaction under the Hong Kong Listing Rules.
It is subject to reporting and announcement requirements but is exempt from independent shareholder approval.
