FWD Group
| Company type | Private (until 2025 IPO) |
|---|---|
| Industry | Insurance |
| Founded | 2013 |
| Founder | Richard Li |
| Headquarters | Hong Kong , Hong Kong |
Area served | Asia (including Hong Kong, Japan, Macau, Singapore, Thailand, the Philippines, Indonesia, Vietnam, Malaysia, Cambodia) |
Key people | Huynh Thanh Phong (CEO), Sid Sankaran (Managing Director and CFO) |
| Products | Life insurance, medical insurance, general insurance, employee benefits, health services (FWD HealthyMe) |
Number of employees | 6100 (2021) |
FWD Group is an insurance company headquartered in Hong Kong. Established in 2013 as the insurance division of Pacific Century Group, it provides life, medical insurance, general insurance, and employee benefits services throughout Asia. By 2021, FWD oversaw assets totaling around US$63 billion. The firm submitted its IPO application in 2022 and resubmitted its Main Board listing request to the Hong Kong Stock Exchange on March 13, 2023. On July 7, 2025, FWD successfully launched its IPO on the HKEX.
Marking its 10th year in 2023, FWD operates across multiple Asian markets including Hong Kong, Japan, Macau, Singapore, Thailand, the Philippines, Indonesia, Vietnam, Malaysia, and Cambodia.
2010s
FWD Group was founded by Richard Li of Pacific Century Group in 2013 following the acquisition of ING Group’s insurance and pension operations in Hong Kong, Macau, and Thailand for US$2.1 billion. That same year, Swiss Re invested $425 million to obtain a 12.3% equity stake in FWD. Huynh Thanh Phong took on the role of CEO in 2013. The company extended its footprint to the Philippines in 2014 and Indonesia in 2015, then expanded into three additional countries by 2016. During that year, FWD acquired Shenton Insurance in Singapore and purchased a unit from Great Eastern Life in Vietnam for $35 million. It also reached an agreement to acquire Fuji Life Insurance Co., part of AIG, in Japan.
By April 2017, FWD had amassed $24.4 billion in assets under management and became a sponsor of the Clockenflap music festival. In 2018, the group acquired PT Commonwealth Life from the Commonwealth Bank of Australia for $300 million, rebranding it as PT FWD Life Indonesia after finalizing the deal in 2020. Additionally, it bought out HSBC’s shareholding in a Malaysian insurance joint venture and renamed it FWD Takaful (Malaysia).
In June 2019, FWD acquired MetLife’s Hong Kong operations for approximately $400 million and agreed to purchase SCB Life Assurance—the life insurance subsidiary of Thailand’s Siam Commercial Bank—for $3 billion. This transaction represented the largest insurance deal by value in Southeast Asia. That July saw FWD launch its takaful offering in Malaysia and apply for a joint venture license in China by August. Having invested $6 billion through acquisitions since inception, FWD further expanded by acquiring Vietcombank-Cardif Life Insurance for $400 million in November 2019. In December of the same year, FWD declared its decision to withdraw from group medical insurance services within Singapore by the end of 2020.
2020s
In March 2020, Prudential purchased a bancassurance partnership from FWD Group in Thailand for $753 million. That month also saw FWD Vietnam Life become Vietnam’s largest life insurer by charter capital. By June 2020, FWD had acquired a minority interest valued at roughly $300 million in PT Asuransi BRI Life—the life insurance arm of PT Bank Rakyat Indonesia (BRI). Reports from September 2020 indicated that FWD was contemplating an IPO listing in Hong Kong while acquiring a stake in IPP Financial Advisers. At that time, FWD managed assets worth $50.9 billion and served about 7.5 million customers; by 2021, assets under management increased to nearly $63 billion with a workforce of approximately 6,100 employees across Asia.
In 2022, FWD's Value of New Business grew by 29% reaching US$823 million; segmental adjusted operating profit before tax surged by 83% to US$334 million.
During 2023, FWD entered Malaysia’s life insurance sector through investment in Gibraltar BSN Life Berhad—rebranded as FWD Insurance Berhad—by acquiring shares from The Prudential Insurance Company of America, a subsidiary of NYSE-listed Prudential Financial, Inc. (PFI). On March 13, 2023, FWD resubmitted its IPO application for Hong Kong with private placements totaling US$1.825 billion since December 2021. Sid Sankaran was appointed Managing Director and Chief Financial Officer in May. By August, credit rating agencies awarded investment-grade ratings: Fitch assigned a “BBB+” long-term Issuer Default Rating with a stable outlook; Moody’s rated Baa2 with a positive outlook.
In March 2024, FWD increased its ownership stake in FWD Takaful Berhad to 70%, becoming the majority shareholder. The company launched its health business segment named FWD HealthyMe in May and appointed Dr. Sarah Salvilla as Chief Health Officer.
For the year 2024, FWD reported a net profit after tax of US$24 million while operating profit after tax rose by 29% year-over-year to US$463 million.
Community engagement and corporate social responsibility
Between 2017 and 2020, FWD Group served as the principal sponsor of the North Pole Marathon, actively promoting environmental conservation efforts. Additionally, the company collaborated with EcoMatcher to facilitate forest planting projects across the Philippines, Thailand, and Indonesia.
In April 2020, FWD Philippines initiated a Covid-19 Charity Drive aimed at supplying essential materials to healthcare professionals within its areas of operation. By 2022, FWD partnered with Junior Achievement Asia Pacific to launch JA SparktheDream, a financial education initiative designed for primary school students, educators, parents, and volunteers.
Celebrating its 10th year in 2023, FWD introduced the 10 Grants in 10 Markets campaign, distributing funds to support philanthropic activities centered on enhancing financial inclusion.
Business
Since its establishment in 2013, FWD has grown its presence to encompass 10 markets including Japan, Singapore, the Philippines, Indonesia, Vietnam, Malaysia, and Cambodia. Notable acquisitions comprise MetLife’s Hong Kong operations and SCB Life Assurance in Thailand.
The company provides an extensive range of insurance solutions including life and health insurance, general insurance products, employee benefits, as well as health services such as FWD HealthyMe.