FWD Group raises $1.425b from private investors
The investment will take the form of cash subscription of new ordinary shares.
Hong Kong-headquartered insurance group FWD Hong Kong has announced that it has entered into subscription agreements with a number of investors including a subsidiary of leading retirement services company Athene Holding Ltd. to raise $1.425b.
The private placements will take the form of cash subscription of new ordinary shares to be issued by FWD. The proceeds will be used to provide additional capital to support FWD’s growth momentum and to reduce its debt.
FWD has been performing well in 2021, with the value of new business growing 45% YoY in H1 2021, followed by a 21% YoY growth in Q3 2021.
“These latest investments in FWD reflect a recognition of our ability to continue our strong growth momentum in the attractive Asian life insurance sector,” FWD Group chief executive officer and executive director Huynh Thanh Phong said.