Pacific Century Group, the parent company of pan-Asian insurance group FWD, has announced that billionaire Richard Li Tzar-kai will retain control of FWD and that he is “confident about the company's long-term development.”
Pacific Century, of which Mr. Li is the founder and chairman, made the announcement in a statement on February 18, 2024, adding that it would “not comment on market speculation,” the South China Morning Post reported.
The Asia-based private investment firm said FWD has achieved a compound annual growth rate of over 23% over the past decade in terms of new business value, a measure of the present value of future profits from policies issued in a given period.
initial public offering
The statement came following media reports about a possible sale of a stake in FWD following a delayed initial public offering (IPO).
Pacific Century also said that “an early IPO without foreseeable benefits” would negatively impact FWD's valuation, but an IPO remains an option for the company's development.
It added that it would seek an “opportune time” to list the company, with the aim of maximizing shareholder interests.
Founded by Mr. Li in 2013, FWD has attempted to go public in Hong Kong three times, most recently in March 2023. The company also abandoned an IPO plan in New York in 2021.
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