FWD is set to complete the acquisition of Vietcombank-Cardif Life Insurance. — VNS Photo

Hong Kong insurer FWD Group has secured regulatory approval to proceed with the acquisition of Vietcombank-Cardif Life Insurance, a life insurance joint venture between Vietcombank and BNP Paribas Cardif.

The company said the acquisition would strengthen its presence and market share in Viet Nam.

Huynh Thanh Phong, FWD Group CEO, said: “Viet Nam is one of the fastest growing insurance markets in Asia, and we are excited to expand our presence through this significant acquisition. FWD has established itself as a fresh and dynamic insurance challenger brand in a few short years since entering Viet Nam and this deal is a firm testament to our confidence in the long-term growth and potential of the Viet Nam market.”

FWD will rename the new acquisition, and rebranding will take place in the coming months.

The transaction is part of a distribution agreement between Vietcombank and FWD Group to establish an exclusive 15-year bancassurance partnership.

FWD Group has a presence in Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Viet Nam, Japan, and Malaysia, and sells life and medical insurance, general insurance, employee benefits, sharia, and family takaful products in a number of them.

Established in 2013, FWD is the insurance business of investment group, Pacific Century Group. — VNS