“小超人”李泽楷旗下富卫集团四度冲击IPO 内地访客业务成为新增长极

Core Viewpoint - FWD Group, owned by Li Ka-shing, has submitted its fourth IPO application to the Hong Kong Stock Exchange, aiming to become the fifth listed company under his portfolio, following previous unsuccessful attempts due to market volatility and unmet financial expectations [2] Group 1: Company Overview - FWD Group was established in 2013 after Li Ka-shing acquired the insurance business of ING in Hong Kong and Macau for $2.1 billion, subsequently expanding its operations to 10 markets including Thailand, Cambodia, Japan, and several Southeast Asian countries [2] - The annualized new premium scale has increased 5.2 times from $309 million in 2014 to $1.916 billion by the end of 2024, positioning FWD Group among the top five in the Southeast Asian insurance market [2] Group 2: Financial Performance - FWD Group's net insurance and investment income rose from $493 million in 2022 to $911 million in 2024, while net profit improved from a loss of $320 million to a profit of $10 million in 2024 [3] - The significant loss in previous years was attributed to unfavorable capital market conditions affecting investment returns [3] Group 3: Business Growth and Structure - The business from mainland Chinese visitors has become a new growth driver, with new business sales increasing 6.3 times from $42 million to $264 million during the reporting period, and new business value rising from $18 million to $109 million [3] - Participating life insurance remains the core pillar, contributing 36.5% of new business value in 2024, while non-participating life, critical illness/medical insurance, and group insurance accounted for 28.0%, 22.2%, and 5.7% respectively [3] Group 4: Market Challenges and IPO Plans - FWD Group faces challenges in its capital journey, with political and economic risks in Southeast Asia impacting new business value, which is heavily reliant on this region [4] - The IPO fundraising plan focuses on capital strengthening, with intentions to enhance solvency and expand its Southeast Asian network to cover over 15 million customers within three years [4]