December 8, 2019
Finance

FWD to pull out of employee benefits business in Singapore

Tue, Dec 03, 2019 – 10:36 PM

FWD Group, the insurance arm of Hong Kong's investment conglomerate Pacific Century Group, is pulling out of the employee benefits business in Singapore.

This will impact over 80,000 members across various companies covered by its employee benefits business, according to FWD's website. An FWD spokesperson told The Business Times (BT) that affected clients were informed over the past few months on the shuttering of the employee benefits business.

FWD is controlled by Richard Li, the entrepreneur and son of Hong Kong's richest man Li Ka-shing.

It is believed to be the fifth-largest group medical insurer in Singapore. The insurer had started off here in April 2016 providing employee benefits insurance to corporate customers.

FWD will still maintain its direct-to-consumer business, which offers a suite of life and general insurance products including direct-term life, car, travel, personal accident and maid insurance.

The Business Times

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