富卫四闯IPO终上市，十年并购建起亚洲保险版图

Group 1 - The core viewpoint of the articles highlights the successful IPO of FWD Group, marking a significant milestone for Li Ka-shing in the insurance industry after a challenging journey [1][2] - FWD Group's IPO journey included an initial plan to list in the US in 2021, aiming to raise $3 billion, followed by three unsuccessful attempts to list on the Hong Kong Stock Exchange before finally succeeding in 2024 after achieving profitability with a net profit of $10 million [1] - The company has rapidly expanded through acquisitions, having purchased over ten insurance firms since its inception in 2013, and now operates in ten markets, becoming one of the top five insurance companies in Southeast Asia [1] Group 2 - FWD Group's new business value is significantly driven by participating life, non-participating life, critical illness, and medical insurance, which together contributed over 86% of its new business value in 2024 [1] - The company has established strong digital channels and bancassurance partnerships, being the exclusive insurance partner of Kasikorn Bank in Thailand and winning the "Best Digital Insurance Company" award in Singapore [1] - Despite its growth, FWD Group carries a substantial debt of $2.786 billion, with a high debt ratio of 87.31%, which may contribute to market caution regarding its future [1] Group 3 - The listing of FWD Group has significantly increased Li Ka-shing's total market capitalization from approximately 43 billion RMB to over 90 billion RMB, alongside his other assets [2] - The company is positioned to leverage the large protection gap in Southeast Asia and its digital advantages, indicating a promising future for the insurance giant [2] - FWD Group's ability to successfully navigate four IPO attempts within four years underscores its resilience and potential in the market [2]