Pan-Asian ambitions: Besides the Indonesia insurance unit deal, FWD, led by billionaire Richard Li, has also agreed to buy HSBC Holdings Plc’s stake in a Malaysian insurance joint venture, say sources. The two deals will add to businesses in Singapore, Japan, the Philippines, Thailand, and Vietnam as well as FWD’s home market.
SINGAPORE: FWD Group, led by Hong Kong billionaire Richard Li, will buy control of an Indonesian life insurance venture from Commonwealth Bank of Australia (CBA) for A$426mil (US$300mil) as it seeks to expand across Asia.
The transaction is the latest of several in South-East Asia’s insurance sector with buyers lured by lower insurance penetration levels and robust growth rates for insurance premiums.
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