Pan-Asian insurer FWD has completed its acquisition of SCB Life Assurance PCL from Siam Commercial Bank, with David Korunić (pictured) to become CEO of the newly acquired venture.
SCB and FWD will also begin a 15-year bancassurance partnership in Thailand, which, according to the companies, is the largest-ever life insurance transaction in Southeast Asia.
The deal is worth THB92.7 billion (US$3.03 billion) and SCB will receive additional payments common in bancassurance transactions over the course of the bancassurance partnership. FWD also indicated that it will rename and rebrand SCB Life, subject to regulatory approval.
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Korunić has more than 30 years’ experience in the insurance industry, and most recently was the Country CEO for AXA Thailand. As CEO, he will be responsible for leading, overseeing, and growing the SCB Life business in Thailand. He will also serve as an executive director on SCB Life’s board. Korunić reports directly to FWD Group chief executive officer Huynh Thanh Phong.
He succeeds Sathian Leowarin, who will remain temporarily as senior advisor to help ensure a smooth transition and handover before returning to SCB.
“The completion of this transaction is the climax of months of hard work and dedication and I’m thrilled that we can finally begin this new exciting chapter of our journey in Thailand,” said Phong. “I’d like to personally welcome all the staff, agents and customers of SCB Life to FWD and look forward to working together with SCB to grow our business, bring fresh and positive experiences to our customers and ultimately change the way people feel about insurance.”
“We’re thrilled to welcome David on board, especially in this exciting new chapter of our journey where we have a tremendous opportunity to grow our business in Thailand with the acquisition of SCB Life,” he added.