FWD Management Holdings Limited has entered into an agreement to acquire MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively “MetLife Hong Kong”) from MetLife Inc. (NYSE: MET). The transaction is subject to regulatory approvals. Terms of the deal were not disclosed.
The acquisition of MetLife Hong Kong will further increase FWD’s market share in Hong Kong and reinforce its position as a leading life insurer in the city.
All existing MetLife Hong Kong policies will continue to be honoured by FWD following the change in ownership. FWD also intends to rename and rebrand the business.
Huynh Thanh Phong, FWD Group Chief Executive Officer, said, “MetLife Hong Kong is highly complementary to our existing business and the acquisition is another step towards fulfilling our ambition to build a leading pan-Asian life insurance platform. The acquisition signifies our confidence in the long-term growth potential of Hong Kong and we will continue to commit substantial resources to grow our business in this compelling market. We look forward to welcoming the agents and employees from MetLife Hong Kong.”
Rebecca Tadikonda, MetLife Head of Strategic Growth Markets, Asia, commented, “MetLife Hong Kong is a high-quality business based on innovative products and strong distribution, matched with high levels of customer service. FWD is well-positioned to accelerate the growth of this business and their commitment to growing the business makes them the right steward for our customers, employees, agents and business partners.”
Ken Lau, FWD Greater China Managing Director and Hong Kong Chief Executive Officer, said, “This acquisition will provide new opportunities for us to continue to realise our vision to change the way people feel about insurance. I’m excited to lead a new chapter with our expanded Hong Kong team. Through our innovative, relevant and easy-to-understand product offerings, convenient customer and claims services, as well as multi-distribution channel strategies, I’m confident our combined Hong Kong team will achieve new milestones in a market with such enormous long-term growth potential for insurance.”