FWD Group, the insurance arm of Hong Kong tycoon Richard Li's investment conglomerate Pacific Century Group, has filed to go public in the U.S.
The Asian life insurer could seek to raise about $2 billion to $3 billion on the New York Stock Exchange, according to a «Bloomberg» report on Friday, which cited people with knowledge of the matter who asked not to be identified because it was private.
Established in 2013, FWD has around 10 million customers across 10 markets. It manages $62.5 billion in total assets, according to the filing with the U.S. Securities and Exchange Commission. The company recorded a net profit of $205 million on revenue of $6 billion in the first half of the year, according to the filing.
The insurer aims to sell shares in the fourth quarter, the people said, though details such as the timing and the final size of the offering could change based on market conditions, «Bloomberg» reported.
Apollo Partnership
At the same time, Athene Life Re, part of private equity firm Apollo Global Management, will buy $400 million worth of FWD Class A shares in a concurrent private placement. As part of a strategic partnership, Athene and Apollo will manage part of FWD's investment portfolio, with an initial term of five years.
FWD also noted interest in $500 million worth of its American depository shares by other investors.
