Hong Kong is both the flagship market and a major strategic focus for FWD and they are well-positioned to help this business realise its potential.
FWD has strong financial backing, which is a result of their supportive shareholder and parent company, Pacific Century Group, and minority shareholders, Swiss Re, GIC Ventures, RRJ Capital and Hopu Investments.
We believe that their commitment to growing the business makes them the right steward for our customers, employees, agents and business partners.
FWD Group currently serves more than 7 million customers and has more than 6,000 employees across the Asia region.
As of end Q4 2019, FWD had total assets of US$50.9 billion.
The completion of acquisition was subject to regulator’s approval. We are not in a position to comment further on this matter.
Our companies are well-capitalised. Thanks to the committed support of our shareholders, all of whom are experienced institutions with a long track record of investment success. These include our majority shareholder and parent company Pacific Century Group, Swiss Re – the world’s second-largest reinsurer, Singapore’s GIC Ventures, RRJ Capital and China’s Hopu Investments.
FWD plans to rename and rebrand the business in the next few months. In the meantime, MetLife Hong Kong will continue to operate through all its existing channels across its business, and will be integrated to FWD Hong Kong’s multi-channel strategy progressively to create distribution synergies.
Please be assured that the change of controlling shareholder, and renaming of and rebranding for the business will not affect existing customers’ policies and its provisions in any way.
The renaming of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited will not affect their status as authorised insurers under the Insurance Ordinance and the regulatory supervision by the Insurance Authority.
Existing customers will continue to receive the relevant protection, benefits and services in accordance with the terms of policy provisions and all existing policies will continue to be honoured by FWD.
Announcements have been made by issuing a press release and posting change in ownership message on both MetLife Hong Kong and FWD websites. In addition, we have placed a change of ownership advertisement on Sing Tao Daily and The Standard.
A notification about the change in ownership will be sent to existing customers through SMS and email addresses as provided by the customers. After change of company names, a letter about new companies’ names and branding will be mailed to existing customers.
Upon completion of the acquisition, customers who signed for new policy applications will also be asked to sign a preprinted form to acknowledge the change in ownership. Insertions about change in ownership will also be included into the welcome packs for new customers’ reference.
Insertions about the change in ownership will be included in customer correspondences and marketing brochures for customers’ reference until the newly acquired businesses are renamed and rebranded.
All existing policies will continue to be honoured by FWD.
Whilst FWD is an Asia-focused company, it has a globally focused portfolio strategy.
FWD has strong financial backing, which is a result of their supportive shareholder and parent company, Pacific Century Group (PCG), and minority shareholders, Swiss Re, GIC Ventures, RRJ Capital and Hopu Investments.
FWD employs a broadly balanced asset allocation investment strategy, and is managed by a professional investment team to achieve our target investment returns whilst maintaining diversification. They use a range of external manager partners to complement internal investment team to build an optimal portfolio.
FWD has a robust investment strategy and monitoring system to help achieve the expected returns to their policyholders of different products.
As of end Q4 2019, FWD had total assets of US$50.9 billion.
FWD will honour all existing policies of MetLife Hong Kong and ensure the investment strategy is consistent with achieving those objectives.
FWD will bring the MetLife Hong Kong portfolios under the trusted supervision of the FWD investment team. The team will review and monitor the asset allocation of each MetLife Hong Kong products and ensure the risk profile of each portfolio is appropriate in meeting the target returns and policyholder expectation.
FWD is performing a comprehensive review of the existing MetLife Hong Kong portfolios to ensure they are optimal for the current economic environment and continue to deliver on policyholder expectations.
The FWD investment team use a range of external manager partners to complement internal investment team to build the optimal investment strategies.
The dividend and bonus philosophy of MetLife HK policies is similar to FWD’s. The factors to be considered in dividend recommendation are the same between MetLife HK and FWD, which include past experience and future outlook on investment performance, claims experience, persistency and expenses. Smoothing mechanism is also adopted by both MetLife HK and FWD to manage the dividend scale. Hence we will adopt similar philosophy to declare dividend and bonus after the acquisition.
FWD reviews the dividend/bonus and crediting interest rate at least annually based on their dividend policy and crediting interest rate policy respectively. The dividend/bonus and/or crediting interest rate could be adjusted if the financial performance is different from the expectation. The dividend/bonus and crediting interest rate recommendation is reviewed and approved by their Board of Directors (the “Board”), with written declaration by the Chairman of the Board, an Independent Non-Executive Director and the Appointed Actuary on due regard to their dividend policy and crediting interest rate policy as well as the principle of fair treatment of customers.
Through the dividend/bonus and crediting interest rate declaration, policyholders participate in the financial performance of the participating products and universal life products respectively. The financial performance covers the experience and future outlook of a number of factors, including but not limited to 1. Investment return; 2. Expenses; 3. Persistency; 4. Claims experience.
For details, please visit https://www.fwd.com.hk/en/regulatory-disclosures/dividend-bonus-declaration-philosophy/ and https://www.fwd.com.hk/en/regulatory-disclosures/crediting-interest-rate-philosophy/
No. There is no change on the claims procedure in the meantime.
FWD will additionally aim to develop and grow its business in Hong Kong through investment in the long-term, and continue to develop innovative product propositions with simplified and shortened claim processes, and digitally-enabled operations to change the way people feel about insurance.
We will ensure that the transition of our company is seamless, and will keep you posted on any changes.
There has been no impact on our business operations and customers should have no concerns regarding their plans with FWD. Hong Kong is an important international financial centre with a prudent and robust financial regulatory regime. We have every confidence it will continue to develop prosperously and remain positive on its business environment and economic growth potential.
This is because FWD Group (“FWD”) has acquired MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively “MetLife Hong Kong”) following the approval of the Insurance Authority in Hong Kong.
FWD will be renaming and rebranding MetLife Hong Kong in the next few months.
In the meantime, all service centre and customer service numbers of MetLife Hong Kong stay the same, while the email address we use to communicate with customers has been changed to email@example.com. Upon sending us an email, you will receive an automatic reply message about the change of controlling shareholder of MetLife Hong Kong.
Please rest assured with the change as MetLife Hong Kong has become wholly owned subsidiaries of FWD. FWD will be renaming and rebranding MetLife Hong Kong in the next few months.
In the meantime, all our service centre and customer service numbers stay the same except our email address has been changed to firstname.lastname@example.org. MetLife Hong Kong will continue to operate as before through all our existing channels and platforms until the completion of renaming and rebranding.
A notification of the latest arrangements will be sent to all customers in due course.
MetLife Hong Kong has become wholly owned subsidiaries of FWD, and all existing MetLife Hong Kong policies will continue to be honoured by FWD.
Our service centre and customer service numbers stay the same in the meantime. You may contact us through all our existing channels and platforms.
Please rest assured that we are committed to complying with the provisions of the relevant ordinances and protecting customers' personal data and policy information.
**Important Notice: Please be advised that following approval by the Hong Kong Insurance Authority, the FWD Group (“FWD”) has acquired MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (together, the “Companies”). MetLife is therefore no longer affiliated with the Companies and no longer responsible for matters related to the activities and insurance policies of the Companies. FWD will provide more information on the Companies’ new names and brand at a later date.
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