Hong Kong Insurance Group FWD Files for US IPO in United States, Valuation Around $13 Billion
17th June 2021 | Hong Kong
Hong Kong insurance group FWD has filed for IPO in the United States under the holding company PCGI Intermediate Holdings, which could value the company at around $13 billion to $15 billion. In 2013, Richard Li Tzar Kai, who is the son of Hong Kong’s richest man Li Ka-Shing had acquired Dutch financial services group ING’s insurance businesses in Hong Kong, Macau and Thailand for $1.8 billion under Pacific Century Group, and injected the businesses into the created insurance company FWD.
“ FWD Files for US IPO in United States, Valuation Around $13 Billion ”
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
FWD IPO, Raising $2 – 3 Billion, Value $13 Billion
The United States IPO filing comes under FWD holding company PCGI Intermediate Holdings. The IPO timeline and terms have not been disclosed or finalised, with market expecting FWD Group to raise between $2 and $3 billion that could value FWD Group at around $13 billion to $15 billion.
FWD Group is in 10 markets in Asia offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products. FWD Group has more than 9.8 million customers, 6,100 employees, 33,000 ages, $62.6 billion in assets, $5 billion gross premiums in 7 years, 18 bancassurance partners and more than 20 ecosystem partners in Asia.
FWD Group CEO, Huynh Thanh Phong, OBE
FWD Group CEO is Huynh Thanh Phong, OBE, who has over 30 years of industry experience spanning North America, Asia and the Middle East, including several key leadership roles.
Huynh Thanh Phong sits on numerous executive boards including Board Chairman of FWD Life Hong Kong. A Vietnamese-Canadian, Phong is also a qualified actuary, and in the UK has been awarded an OBE by Queen Elizabeth II for his exemplary contribution to financial services in Vietnam.
FWD Shareholders
FWD shareholders include Pacific Century Group, Swiss Re, GIC Ventures, RRJ Capital and Hopu Investments.
Richard Li Tzar Kai, who is the son of Hong Kong’s richest man Li Ka-Shing, is the Chairman of Pacific Century Group. He founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core business pillars; technology, media & communications (TMT), financial services, and property. Pacific Century Group holdings include fund management firm PineBridge Investments, FWD Group, bolttech, PCCW, HKT and Pacific Century Premium Developments.
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
