FWD acquires Vietnamese insurer

MANILA, Philippines - FWD Group, the insurance arm of Asia-based Pacific Century Group, has secured regulatory approval to proceed with the acquisition of Great Eastern Life (Vietnam) Co. Ltd. from Singapore’s Great Eastern Life Assurance. This will mark FWD’s second new market entry this year, following the majority acquisition of group medical provider Shenton Insurance in Singapore in April this year. FWD Group chief executive officer Huynh Thanh Phong said the move into Vietnam is be an important strategic milestone for FWD’s Southeast Asian ambitions. “As we expand our reach into underserved markets across the region to realize our vision to become a leading pan-Asian insurer that changes the way people feel about insurance. The economic transformation of Vietnam has been remarkable, and coupled with low insurance penetration, we see great opportunity in the Vietnamese market for a new, Asian-born insurer to meet the protection needs of the Vietnamese people.” In 2014, FWD entered the Philippine market via a joint venture bancassurance arrangement with the Security Bank Corp.