FWD enters Singapore market with acquisition of Shenton Insurance
Singapore, 14 April, 2016 – FWD Group (“FWD”), the insurance arm of Asia-based Pacific Century Group, is pleased to announce that it has acquired a 90% stake in group medical insurance provider Shenton Insurance Pte Ltd (“Shenton”) from Parkway Holdings Limited, an indirect wholly-owned subsidiary of IHH Healthcare Berhad. Shenton will be rebranded to FWD in due course.
Singapore is the third new market in FWD’s regional footprint which now includes Indonesia and the Philippines, in addition to Hong Kong, Macau and Thailand. As a leading and well-regulated financial centre, Singapore combines robust, high standards with a business-friendly environment. Its role as ASEAN’s pre-eminent financial services and risk management hub makes it a strategically important market for FWD – aligned to its pan-Asian growth aspirations and providing connectivity to the region.
“FWD is dedicated to changing the way people feel about insurance across Asia, and Singapore is a fundamental part of our vision to become a leading pan-Asian insurer,” said Mr Huynh Thanh Phong, Group CEO of FWD. “The Shenton management team have built a strong foundation for FWD in the country.”
FWD is focused on creating fresh customer experiences with easy-to-understand insurance solutions supported by digital technologies. The company will continue with its existing business and intends to invest in expanding the business in Singapore and is committed to growing its activities in the region.
About FWD Group
FWD Group spans Hong Kong & Macau, Thailand, Indonesia and the Philippines, offering life and medical insurance, employee benefits, and general insurance across a number of its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by leading digital technologies. Through this customer-led approach, FWD will achieve its vision to become the leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group.
About Shenton Insurance
Shenton Insurance is one of Singapore’s largest medical insurers specialising in corporate healthcare. Its network of healthcare providers include about 300 panel general practitioners island-wide and over 500 medical specialists. Shenton Insurance’s members have access to a wide range of treatments and services including imaging and diagnostics at four leading private hospitals under Parkway Pantai – Gleneagles Hospital, Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital and Parkway East Hospital. They can also seek treatment at restructured hospitals.
Shenton Insurance is a unit of Parkway Pantai, one of Asia’s largest integrated private healthcare groups. Parkway Pantai is part of IHH Healthcare, the world’s second largest healthcare group by market capitalisation with a network of close to 10,000 licensed beds across 49 hospitals in 9 countries worldwide.