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| FWD Group Chief Executive Officer Huynh Thanh Phong. — Photo FWD |
HCM CITY (Biz Hub) — FWD Group (FWD) on June 7 announced it had secured regulatory approval to proceed with the acquisition of Great Eastern Life Vietnam Co. Ltd.
FWD, the insurance arm of the Asia-based Pacific Century Group, acquired the company from the Great Eastern Life Assurance Company Limited.
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.
"The move into Viet Nam will be an important strategic milestone for FWD's Southeast Asian ambitions as we expand our reach into underserved markets across the region to realise our vision to become a leading pan-Asian insurer that changes the way people feel about insurance," FWD Group Chief Executive Officer Huynh Thanh Phong said.
"The economic transformation of Viet Nam 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," Phong added.
The headquarters will remain in HCM City, with a branch in Ha Noi. — VNS