Pacific Century Group, the holding entity behind FWD, a pan-Asian insurance group, announced that Richard Li Tzar-kai, the company’s founder and chairman will retain a controlling stake. Richard expressed his confidence in the firm’s long-term growth prospects.
This statement comes amidst speculation, clarified by Pacific Century, which emphasised its decision not to engage in market rumours, as the South China Morning Post reported.
Highlighting FWD’s performance, Pacific Century revealed that the insurer has seen an average annual growth rate exceeding 23 percent in the value of new business over the past decade. This metric reflects the present value of future profits from newly issued policies.
In light of discussions about FWD’s potential public listing following delays in its initial public offering (IPO), Pacific Century articulated that rushing into an IPO without clear benefits would adversely affect FWD’s market valuation.
Nevertheless, an IPO is still considered a viable path for FWD’s evolution, with the timing to be carefully chosen to serve the interests of the shareholders best.
Founded in 2013 by Richard, FWD has explored public listing options on multiple occasions in Hong Kong, including a recent attempt in March 2023, and previously considered an IPO in New York in 2021.
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