FWD, through its holding company PCGI Intermediate, is working towards an initial public offering in the US, which could see the pan-Asian insurer raise up to US$3 billion.
In a statement, PCGI Intermediate announced that it had confidentially submitted a draft registration statement on Form F-1 with the US Securities and Exchange Commission (SEC). However, it did not state the timing and the value of the IPO.
According to a report by Forbes, FWD is considering an IPO in the US or Singapore, and it aims to raise up to US$3 billion, while keeping its dual-class shareholding structure. The insurer, which is backed by Hong Kong billionaire Richard Li, is also reportedly considering getting listed in the US through a merger with a special purpose acquisition company (SPAC).
FWD came into existence in 2013, after Li’s Pacific Century Group acquired Dutch financial services group ING’s insurance businesses in Hong Kong, Macau and Thailand. It is now present in 10 markets across Asia, having added Cambodia, Indonesia, Japan, Malaysia, the Philippines, Singapore and Vietnam.
According to FWD’s website, it has over 9.8 million customers, 6,100 employees and 33,000 agents across Asia, with US$62.6 billion in assets. Its offerings include life and medical insurance, general insurance, employee benefits, Shariah and family takaful products.