The insurance firm is partnering IPPFA, which was founded in 1983 and provides comprehensive financial planning services in Singapore, including wealth protection, accumulation, management and distribution.
FWD Group, the insurance arm of Hong Kong's investment conglomerate Pacific Century Group, has entered into a strategic partnership with Singapore-based IPP Financial Advisers (IPPFA), the company announced in a statement on Tuesday.
The partnership will enable FWD to develop attractive and competitive life insurance products that comprehensively meet the evolving life insurance financial needs of clients, the announcement said. IPPFA clients will also benefit from the integration of FWD’s technology solutions, and IPPFA plans to strengthen its position in Singapore by «expanding on its financial services business significantly.»
«As a major pan-Asian Insurer, FWD’s capital resources, expertise, and market knowledge will further enhance our company’s growth and expansion in Singapore and the region,» Tay Huai Eng, CEO of IPPFA, said.
Regional Expansion
«We share a mutual commitment to continued growth in the region and look forward to supporting them as they continue to lead the way in the financial planning arena,» Adrian Vincent, general manager of FWD Singapore’s life business, said about the partnership.
FWD pursued a strategy of acquisition in its bid to expand across various channels and markets. In June, it bought a minority stake in the life insurance arm of PT Bank Rakyat Indonesia (BRI) for $300 million. It is currently waiting for China to approve its application for a majority-owned insurance firm on the mainland.
Backed by Richard Li Tzar-kai, younger son of renowned Hong Kong tycoon Li Ka-shing, FWD Insurance offers life and medical insurance, general insurance, employee benefits, sharia and family takaful products in Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.
