FWD acquire MetLife HK business being to reach an agreement within a few weeks
According to a source quoted by Bloomberg, FWD Insurance, backed by Richard Li, Chairman of PCCW (008), intends to acquire MetLife Insurance Hong Kong business, with an agreement expected to be reached in the next few weeks. For the transaction, MetLife's business is valued at less than $400 million and is expected to help FWD increase its market share in Hong Kong.
MetLife's Asian operations recorded a 9% increase in adjusted earnings in the first quarter this year, mainly owing to the growth of its business in South Korea and China. The company also has operations in Australia, Bangladesh, India, Malaysia, Nepal and Vietnam.
As for FWD, it has been actively acquiring Asian insurance assets. Last year, it acquired Australian Federal Bank’s Indonesian life insurance business. Last year, it also reached a preliminary agreement with Thailand’s Siam Commercial Bank on its life-insurance business. In 2017, FWD also acquired AIG Japan Life Insurance business.