FWD Group has wrapped up its acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong from US-based MetLife.
The acquisition is aimed at strengthening the company’s presence, market share, and distribution synergies in the Hong Kong insurance market.
FWD said that it will be renaming and rebranding the newly acquired businesses in the next few months.
In accordance with the deal, MetLife Hong Kong will continue to operate through its existing channels across the businesses. All existing policies offered by the company will be offered FWD following the change in ownership.
FWD Group CEO Huynh Phong said: “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.
“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.”
FWD Greater China managing director and Hong Kong CEO Ken Lau said: “This is another milestone day for FWD as completing the MetLife Hong Kong acquisition gives us an opportunity to share our unique and leading customer experience with even more customers in Hong Kong.”
The deal was first announced by FWD in June last year.
Last month, FWD Group agreed to purchase a significant minority stake in PT Asuransi BRI Life, the life insurance subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk.