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FWD secures regulatory approval to acquire Great Eastern Life Vietnam
Ho Chi Minh, 7 June 2016 – FWD Group (“FWD”), the insurance arm of Asia-based Pacific Century Group, today announced that it has secured regulatory approval to proceed with the acquisition of Great Eastern Life (Vietnam) Co. Ltd (“Great Eastern Life Vietnam”), from The Great Eastern Life Assurance Company Limited. This will mark FWD’s second new market entry this year, following the majority acquisition of group medical provider Shenton Insurance in Singapore in April this year.
Great Eastern Life Vietnam will become wholly-owned by FWD and will be rebranded. FWD plans to invest significantly to develop the company’s technology infrastructure and enhance customer experience with a vision of becoming a leading insurer in Vietnam.
Huynh Thanh Phong, FWD Group Chief Executive Officer said, “The move into Vietnam will be an important strategic milestone for FWD’s South East Asian ambitions, as we expand our reach into underserved markets across the region to realise our vision to become a leading pan-Asian insurer that changes the way people feel about insurance. The economic transformation of Vietnam has been remarkable, and coupled with low insurance penetration, we see great opportunity in the Vietnamese market for a new, Asian-born insurer to meet the protection needs of the Vietnamese people.”
The Great Eastern Life Vietnam business will continue as usual and FWD intends to retain and grow the current employee base. FWD is actively recruiting a solid senior management team with deep local experience to lead the organisation and is expecting to hire new talent at all levels. Great Eastern Life Vietnam customers’ coverage and policies will be honoured by FWD and remain unaffected by the company’s transfer of ownership.
The headquarters will remain in Ho Chi Minh City, with a branch in Hanoi.
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FWD Life Insurance Corporation (“FWD Life”) is the first life insurance company licensed by the Insurance Commission of the Philippines under the new Insurance Code. FWD launched its commercial operations in September 2014. After its first full year of operations in 2015, FWD Life now ranks #13 in terms of total premium income according to the Insurance Commission’s end-2015 report.1 FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, and Vietnam, offering life and medical insurance, general insurance, and employee benefits across a number of its markets. Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group.
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.
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