News

Financial Services

Sandra Sendingan

, Hong Kong

Published:

5 years ago

FWD in talks to buy MetLife Hong Kong unit amidst acquisition spree: report

A deal could value MetLife Hong Kong at less than US$400m.

Bloomberg reports that FWD Group is said to be in advanced talks to buy MetLife's Hong Kong insurance unit in what would be the latest in a string of acquisitions by the insurer backed by billionaire Richard Li.

Also read: Insurers gear for Hong Kong's $1.27b national insurance scheme

A deal could value MetLife Hong Kong at less than US$400m although at that price MetLife would sell the business for less than its US$400m embedded value.

FWD has been buying insurance assets across Asia, agreeing in October to acquire control of Commonwealth Bank of Australia’s Indonesian life insurance unit.

Earlier this year, FWD reached a preliminary pact with Siam Commercial Bank on a potential life-insurance partnership and it also purchased American International Group Inc.’s Japanese life unit following earlier deals in Singapore and Vietnam in 2017.

Here's more from Bloomberg:

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