Hong Kong-based insurer FWD Group has struck a $3 billion deal to acquire SCB Life Assurance from Thailand’s largest lender, Siam Commercial Bank (SCB).
Announced on July 1, 2019, the purchase represents the largest ever life insurance transaction in southeast Asia and paves the way for SCB to distribute FWD’s life insurance products to its customers in Thailand for 15 years. The transaction is expected to be completed later in the year subject to regulatory and shareholder approvals.
In a statement, SCB said the partnership will “offer customers superior life insurance products and enhanced digital experiences”.
Huynh Thanh Phong, group chief executive of FWD Group, said the SCB-FWD combination “will provide SCB’s growing customer base with access to FWD’s market-leading and innovative product suite”.
FWD is owned by Richard Li, the son of Li Ka-shing, Hong Kong’s wealthiest man. With its sights set on becoming a leading pan-Asian insurer, FWD announced it had entered into an agreement to acquire the Hong Kong operations of MetLife from the US insurer on June 28.
Commenting on the purchase, Phong said: “MetLife Hong Kong is highly complementary to our existing business and the acquisition is another step towards fulfilling our ambition to build a leading pan-Asian life insurance platform. The acquisition signifies our confidence in the long-term growth potential of Hong Kong.”
©2019 funds europe 
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