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Hong Kong Billionaire Richard Li Insurance Group FWD Considering Direct Stake Sales after IPO Delays, Filed for IPO in United States in 2021 Targeting Valuation Around $13 Billion, Filed for Hong Kong IPO in 2023 Targeting Valuation Above $10 Billion

16th February 2024 | Hong Kong

Hong Kong billionaire Richard Li insurance group FWD is considering direct stake sales after IPO delays.  FWD Group had filed for IPO in United States in 2021 targeting valuation around $13 billion, and had filed for Hong Kong IPO in 2023 targeting valuation above $10 billion.  In 2013, Richard Li Tzar Kai, who is the son of Hong Kong’s richest man Li Ka-Shing had acquired Dutch financial services group ING’s insurance businesses in Hong Kong, Macau and Thailand for $1.8 billion under Pacific Century Group, and injected the businesses into the created insurance company FWD.  FWD shareholders include Pacific Century Group, Swiss Re, GIC Ventures, RRJ Capital and Hopu Investments.   Earlier in February 2024, Hong Kong billionaire Richard Li Pacific Century Group (PCG) had been reported to be selling their majority shareholding in $157 billion asset manager PineBridge Investments, having acquired the asset management business from AIG Investments in 2010 & renaming as PineBridge Investments. 

“ Hong Kong Billionaire Richard Li Insurance Group FWD Considering Direct Stake Sales after IPO Delays, Filed for IPO in United States in 2021 Targeting Valuation Around $13 Billion, Filed for Hong Kong IPO in 2023 Targeting Valuation Above $10 Billion “

 

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Hong Kong Insurance Group FWD Files for US IPO in United States, Valuation Around $13 Billion FWD Group

17th June 2021 – Hong Kong insurance group FWD has filed for IPO in the United States under the holding company PCGI Intermediate Holdings, which could value the company at around $13 billion to $15 billion.  In 2013, Richard Li Tzar Kai, who is the son of Hong Kong’s richest man Li Ka-Shing had acquired Dutch financial services group ING’s insurance businesses in Hong Kong, Macau and Thailand for $1.8 billion under Pacific Century Group, and injected the businesses into the created insurance company FWD.

 

 

FWD IPO, Raising $2 – 3 Billion, Value $13 Billion 

The United States IPO filing comes under FWD holding company PCGI Intermediate Holdings.  The IPO timeline and terms have not been disclosed or finalised, with market expecting FWD Group to raise between $2 and $3 billion that could value FWD Group at around $13 billion to $15 billion.

FWD Group is in 10 markets in Asia offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products.  FWD Group has more than 9.8 million customers, 6,100 employees, 33,000 ages, $62.6 billion in assets, $5 billion gross premiums in 7 years, 18 bancassurance partners and more than 20 ecosystem partners in Asia.  

 

FWD Group CEO, Huynh Thanh Phong, OBE FWD Group CEO, Huynh Thanh Phong, OBE

FWD Group CEO is Huynh Thanh Phong, OBE, who has over 30 years of industry experience spanning North America, Asia and the Middle East, including several key leadership roles. 

Huynh Thanh Phong sits on numerous executive boards including Board Chairman of FWD Life Hong Kong.  A Vietnamese-Canadian, Phong is also a qualified actuary, and in the UK has been awarded an OBE by Queen Elizabeth II for his exemplary contribution to financial services in Vietnam.

 

FWD Shareholders

FWD shareholders include Pacific Century Group, Swiss Re, GIC Ventures, RRJ Capital and Hopu Investments.  

Pacific Century Group Chairman Richard Li Tzar Kai

Richard Li Tzar Kai, who is the son of Hong Kong’s richest man Li Ka-Shing, is the Chairman of Pacific Century Group.  He founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core business pillars; technology, media & communications (TMT), financial services, and property.  Pacific Century Group holdings include fund management firm PineBridge Investments, FWD Group, bolttech, PCCW, HKT and Pacific Century Premium Developments. 

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