HONG KONG, 24 February 2014 – FWD Group is pleased to announce that its Hong Kong operating entity, FWD Life Insurance Company (Bermuda) Limited (“FWD Life Hong Kong”), has been assigned the following international ratings by Standard & Poor’s Ratings Services (“S&P”), Moody’s Investors Service (“Moody’s”) and Fitch Ratings (“Fitch”).
- S&P – “A-” long-term local currency insurer financial strength and issuer credit ratings
- Moody’s – "A3" insurance financial strength rating; and
- Fitch – “A” insurer financial strength rating
This is the first time the three international rating agencies have assigned ratings to FWD Life Hong Kong, and is a testament to the strength of FWD’s Hong Kong life insurance business.
Mr. David Wong, Chief Executive Officer of FWD Hong Kong & Macau said, “We are pleased with the strong ratings assigned by S&P, Moody's and Fitch, which reflect FWD Life Hong Kong’s robust financial strength, solid backing from our strong shareholders and stable outlook in the coming years. Our established distribution channels, products and services will enable us to deepen strategic partnerships with our business partners and long-term relationships with customers. Looking ahead, we will continue investing to further enhance our offerings and be a leading player in the market.”
The Hon. Ronald Arculli, Chairman of FWD Group Board, added, “FWD has deep roots in Asia with Hong Kong as our regional base. We are proud that FWD Life Hong Kong has been accredited with such strong ratings by the agencies. This demonstrates the sound business foundation that the FWD team at the Group and Hong Kong offices have created. This combined with strong support from FWD’s shareholders enables FWD to innovate and transform insurance into a truly customer-centric business in the Asian region. I am confident that we will continue to work towards building on this success, and establish FWD as a leading life insurer in the Asian region.”
HSBC Global Banking & Markets team acted as FWD's sole advisor for this ratings review.
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About FWD Group
FWD Group is the insurance business arm of the private investment group, Pacific Century Group. Swiss Re Group invested in FWD Group in December 2013, with a shareholding of 12.3%. FWD’s business spans Hong Kong, Macau and Thailand, offering life insurance services, as well as general insurance, employee benefits and financial planning in Hong Kong. In addition, FWD has a brand presence in Indonesia. FWD’s focus is on leveraging technology to improve customer experience, deliver innovative products, and invest in talent to create a leading pan-Asian life insurer.
For more information please visit www.fwd.com
About Pacific Century Group
Pacific Century Group (PCG) was established in 1993 and has interests in property, financial services and other investments in the Asia Pacific region. PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia.
Since its inception, PCG has consistently invested in the financial services sector. In February 2013, PCG successfully acquired ING Groep N.V.’s Hong Kong, Macau and Thailand insurance business. In 2010, PCG acquired the global asset management operations from AIG and renamed it PineBridge Investments. Since PCG’s acquisition, PineBridge Investments has received 13 industry awards. The company has more than US $65 billion in assets under management through its global network.
About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN.