FWD agrees to acquire MetLife HK

WD Management Holdings Limited has announced it has entered into an agreement to acquire MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited. The transaction is subject to regulatory approvals. Terms of the deal were not disclosed.

The acquisition of MetLife Hong Kong will further increase FWD’s market share in Hong Kong and reinforce its position as a leading life insurer in the city.

All existing MetLife Hong Kong policies will continue to be honoured by FWD following the change in ownership. FWD also intends to rename and rebrand the business.

Huynh Thanh Phong, FWD Group chief executive officer, 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 and we will continue to commit substantial resources to grow our business in this compelling market. We look forward to welcoming the agents and employees from MetLife Hong Kong.”