FWD Group
Corporate brand
UnclaimedA Hong Kong-based pan-Asian insurance group focused on life, health, savings and related protection products.
Last updated October 14, 2026
AI crawler reads
No AI crawler has read this profile yet.
Overview
FWD Group is a Hong Kong-based insurance group established in 2013 as the insurance arm of Pacific Century Group. It was created after Richard Li's group acquired ING Group's insurance and pension operations in Hong Kong, Macau and Thailand, giving the new business an initial regional platform. FWD has since pursued a strategy of expansion through acquisitions, bancassurance relationships, partnerships and digital-oriented insurance propositions. The group's principal activities are concentrated in life insurance, medical and health insurance, savings and protection products, general insurance and employee benefits. It also develops health-related services and customer propositions, including FWD HealthyMe. Its business model is broadly pan-Asian rather than tied to one national market: operations have been established in Hong Kong, Macau, Thailand, Japan, Singapore, the Philippines, Indonesia, Vietnam, Malaysia and Cambodia. Distribution has included agency networks, bancassurance, partnerships, financial advisers and digital channels. Expansion was particularly active during the 2010s. FWD entered the Philippines in 2014 and Indonesia in 2015, acquired Shenton Insurance in Singapore and a Vietnamese insurance operation in 2016, and agreed to acquire AIG's Fuji Life Insurance business in Japan later that year. It subsequently expanded in Indonesia, Malaysia, Thailand, Vietnam and Hong Kong. Notable transactions included the purchase of PT Commonwealth Life, the acquisition of an HSBC stake in a Malaysian takaful venture, the purchase of MetLife's Hong Kong business, the proposed acquisition of SCB Life Assurance in Thailand and the acquisition of Vietcombank-Cardif Life Insurance in Vietnam. Some transactions also involved later changes in ownership or the transfer of distribution arrangements, reflecting the group's active portfolio management. FWD has sought to distinguish itself through a customer-focused and innovation-oriented brand proposition. Its public positioning emphasizes making insurance simpler, more accessible and more relevant to changing lifestyles, while its product range remains centered on long-term protection, health and wealth needs. The group's geographic breadth gives it exposure to a number of fast-growing Asian insurance markets, but also subjects it to differing regulatory, capital, distribution and economic conditions. The company explored several routes to public-market financing. A proposed United States listing of up to US$3 billion was abandoned in 2021 amid regulatory and market concerns. FWD filed for a Hong Kong listing in 2022 and refiled its Main Board application in March 2023. It ultimately launched a Hong Kong initial public offering in June 2025, pricing 91.3 million shares at HK$38 per share and beginning trading on 7 July 2025. The offering was reported to have raised approximately HK$3.5 billion, with Mubadala Capital and T&D Holdings among the cornerstone investors. FWD has reported substantial growth in new business and operating profit, although financial figures depend on the accounting framework and reporting period used. The company reported 2022 value of new business of US$823 million and segmental adjusted operating profit before tax of US$334 million. For 2024, it reported net profit after tax of US$24 million and operating profit after tax of US$463 million. In 2025, it reported net profit of US$166 million under IFRS 17 and operating profit after tax of US$499 million. The Wikipedia reference describes approximately US$62.4 billion in assets managed as of 2025. These figures should be read with their stated periods and accounting bases rather than treated as directly comparable across years.
History
FWD Group was formed in 2013 by Richard Li's Pacific Century Group as an insurance platform for Asia. Its starting assets came from Pacific Century Group's acquisition of ING Group's insurance and pension businesses in Hong Kong, Macau and Thailand for approximately US$2.1 billion. Swiss Re acquired a 12.3% interest in FWD in the same year, and Huynh Thanh Phong became chief executive. The group expanded geographically soon afterward. It entered the Philippines in 2014 and Indonesia in 2015. In 2016 it acquired Shenton Insurance in Singapore and bought a Vietnamese insurance unit from Great Eastern Holdings. It also agreed to acquire AIG's Fuji Life Insurance business in Japan, a transaction intended to provide access to an established local distribution network and customer base. These moves established the regional acquisition-led model that characterized much of FWD's early development. In 2018 FWD agreed to buy PT Commonwealth Life from Commonwealth Bank of Australia for approximately US$300 million. The transaction completed in 2020 and the business was renamed PT FWD Life Indonesia. FWD also acquired HSBC's 49% interest in HSBC Amanah Takaful in Malaysia, subsequently known as FWD Takaful. In 2019 it purchased MetLife's Hong Kong business and agreed to acquire SCB Life Assurance, the life insurance operation of Siam Commercial Bank in Thailand. FWD also agreed to acquire Vietcombank-Cardif Life Insurance, a Vietnamese joint venture between Vietcombank and BNP Paribas Cardif. During the same period it launched its Malaysian takaful business and announced plans to leave Singapore's group medical insurance business by the end of 2020. Portfolio changes continued in the 2020s. Prudential acquired a Thailand bancassurance partnership from FWD in March 2020 for approximately US$753 million. FWD acquired a minority interest in PT Asuransi BRI Life, the life insurance arm of Bank Rakyat Indonesia, in June 2020, and purchased a stake in IPP Financial Advisers later that year. By 2020 the group reported US$50.9 billion in assets under management and 7.5 million customers; a 2021 company description cited approximately US$63 billion in assets and 6,100 employees in Asia. FWD's capital-markets plans developed alongside its operating expansion. It considered a Hong Kong IPO in 2020, abandoned a proposed US IPO in 2021, filed for a Hong Kong listing in 2022 and refiled its Main Board application in March 2023. In 2023 it entered Malaysia's life insurance market through an investment in Gibraltar BSN Life Berhad, later renamed FWD Insurance Berhad. The company also received investment-grade ratings from Fitch and Moody's in August 2023. In 2024 FWD increased its interest in FWD Takaful Berhad to 70%, launched FWD HealthyMe and appointed a chief health officer. It reported 2024 net profit after tax of US$24 million and operating profit after tax of US$463 million. In 2025 the group completed its Hong Kong IPO, with shares commencing trading on 7 July. The reference material reports 2025 net profit of US$166 million under IFRS 17 and operating profit after tax of US$499 million, as well as approximately US$62.4 billion in managed assets. FWD therefore entered its public-company phase as a diversified regional insurer whose identity remains closely associated with Pacific Century Group and Asian life and health insurance markets.
- 2025
Hong Kong IPO
[1]FWD priced its Hong Kong IPO in June and its shares began trading on 7 July.
- 2024
Health and takaful expansion
[1]FWD launched FWD HealthyMe and became majority shareholder of FWD Takaful Berhad after increasing its holding to 70%.
- 2023
Hong Kong listing application refiled
[1]FWD refiled its Main Board listing application on 13 March and entered Malaysia's life insurance market through an investment in Gibraltar BSN Life.
- 2020
Further Indonesian investment
[1]FWD completed the Commonwealth Life transaction and acquired a minority stake in BRI Life.
- 2019
Major Hong Kong, Thailand and Vietnam acquisitions
[1]The group agreed to acquire MetLife's Hong Kong business, SCB Life Assurance in Thailand and Vietcombank-Cardif Life Insurance in Vietnam.
- 2018
Indonesia and Malaysian takaful transactions
[1]FWD agreed to acquire PT Commonwealth Life and acquired HSBC's 49% stake in a Malaysian takaful joint venture.
- 2016
Singapore, Vietnam and Japan expansion
[1]FWD acquired Shenton Insurance in Singapore, a Vietnamese insurance unit and agreed to acquire Fuji Life Insurance in Japan.
- 2015
Entry into Indonesia
[1]The group entered Indonesia as part of its pan-Asian expansion.
- 2014
Entry into the Philippines
[1]FWD expanded its regional operating footprint into the Philippines.
- 2013
FWD Group is established
[1]Pacific Century Group formed FWD after acquiring ING's insurance and pension operations in Hong Kong, Macau and Thailand; Swiss Re also acquired a minority stake.
Products and positioning
A customer-focused, digitally oriented pan-Asian insurer that aims to simplify insurance and combine protection products with health and lifestyle services.
Insurance · 2013
Life insurance
FWD's core business includes individual life insurance and related long-term protection products. These offerings serve needs such as family protection, financial planning and savings, and are distributed through agency, bancassurance, adviser and digital channels across its Asian markets.
Insurance · 2013
Medical and health insurance
The group provides medical and health protection products for individuals and, in selected markets, employer-sponsored customers. The category complements FWD's life insurance business and supports its broader focus on health-related customer services.
Financial protection · 2013
Savings and wealth products
FWD offers insurance-based savings and wealth solutions intended to combine long-term financial accumulation with protection features. Specific product structures vary by jurisdiction because insurance regulation, distribution arrangements and customer needs differ across the group's markets.
Islamic insurance · 2019
FWD Takaful
FWD Takaful represents the group's Islamic insurance activities in Malaysia. The business developed from FWD's acquisition of HSBC's interest in a takaful joint venture and became majority-owned by FWD after a further investment completed in 2024.
Health services · 2024
FWD HealthyMe
FWD HealthyMe is a health-focused business launched in 2024. It extends the group's proposition beyond conventional insurance by organizing health-related services and customer engagement around prevention, care and wellbeing.
Marketing campaigns
- 2017Clockenflap sponsorship
Hong Kong
FWD sponsored the Clockenflap music festival in Hong Kong as part of its community involvement and brand-building activity.
Outcome. The sponsorship associated the insurance brand with a prominent local cultural event; a longer-term commercial outcome is not specified in the reference material.
Brand decisions
2025
Hong Kong initial public offeringOtherBackground
After abandoning a proposed US listing and experiencing delays in Hong Kong, FWD returned to the public markets with a Hong Kong Main Board offering.
Action taken
The company priced 91.3 million shares at HK$38 each and began trading on 7 July 2025.
Aftermath
The offering raised approximately HK$3.5 billion and valued the company at more than US$6 billion according to the reference material.
IPO proceeds. Approximately HK$3.5 billion (June-July 2025)
2024
Increase in FWD Takaful ownershipM&ABackground
FWD had previously held an interest in the Malaysian takaful business and sought greater control of its Islamic insurance operations.
Action taken
FWD completed an additional investment that raised its holding in FWD Takaful Berhad to 70%.
Aftermath
FWD became the majority shareholder of the Malaysian takaful business.
2021
Withdrawal of proposed US IPOStrategyBackground
FWD had considered a United States offering of up to US$3 billion, but regulatory concerns surrounding Chinese oversight of overseas listings and unfavorable market conditions affected the plan.
Action taken
The company abandoned the proposed US listing and subsequently pursued a Hong Kong listing route.
Aftermath
FWD filed and later refiled a Hong Kong IPO application before completing an offering in 2025.
Proposed IPO size. Up to US$3 billion (2021)
Recent events
FWD Group to acquire 25% stake in Bolttech Insurance (Hong Kong) for US$20.72 million[3]
On 10 October 2026, FWD Limited, a wholly-owned subsidiary of FWD Group Holdings Limited (1828.HK), entered into a sale and purchase agreement with Bolttech Discovery Holdings Limited to acquire 25% of the issued share capital of Bolttech Insurance (Hong Kong) Limited for a base consideration of US$20,720,000, subject to completion adjustments. As the seller is a wholly-owned subsidiary of bolttech Holdings, in which FWD's executive director and controlling shareholder Richard Li indirectly holds 30% or more interest, the transaction constitutes a connected transaction under HKEX Listing Rules Chapter 14A. Completion is subject to conditions including the Insurance Authority's approval and must occur within nine months of the agreement date.
Reported
FWD launches second season of its podcast[4]
FWD launched the second season of its podcast series, “Changing the way people feel about insurance… with FWD.” The first episode was released on May 12.
Reported
FWD appoints Khor Kee Eng as Singapore CEO, pending approval[5]
FWD announced Khor Kee Eng’s appointment as CEO of FWD Singapore, subject to regulatory approval. He is to succeed Abhishek Bhatia, who is expected to transition to a new Group role.
- Unconfirmed
Reported
Razer-led consortium applied for a Singapore digital banking license[6]
Razer Fintech teamed up with five partners to form a group that submitted an application for a full digital banking license in Singapore. Razer Fintech was to hold 60% of the group, with the partners holding the remaining 40%.
Reported
FWD completes acquisition of Siam City Insurance[7]
FWD Group completed its acquisition of Siam City Insurance (SCI). FWD said existing SCI policies will be honored and customers will continue to receive protection, benefits and client services under their policy terms.
- Unconfirmed
Reported
FWD launches claim submission service on LINE[8]
FWD launched a service in Thailand that lets customers submit medical reimbursement documents through the official FWD Thailand LINE account. The service supports outpatient treatment claims for personal accident and health insurance customers.
Sources10 sources
- 1FWD Groupen.wikipedia.org
- 2FWD Group official websitefwd.com
- 3富卫集团以2,072万美元订约收购保特保险（香港）25%股权cfi.net.cn
- 4FWD推出播客第二季prnewswire.com
- 5FWD任命Khor Kee Eng为新加坡首席执行官，尚待监管批准sbr.com.sg
- 6Razer牵头财团申请新加坡数字银行牌照scmp.com
- 7FWD完成对暹罗城市保险的收购nationthailand.com
- 8FWD推出LINE理赔申请服务nationthailand.com
- 9FWD appoints Khor Kee Eng as Singapore CEOinsurancebusinessmag.com
- 10FWD rolls out instant claims servicemarketing-interactive.com
Cite this profile: Cite the canonical profile. /brand-wiki/fwd-group · Editorial policy · How profiles are compiled