Core Viewpoint - The company FWD Group, founded by Richard Li, is attempting to go public again after previous unsuccessful attempts, with a focus on expanding its presence in the Southeast Asian insurance market and addressing its rising debt levels [1][3][6]. Group 1: Company Overview - FWD Group was established in 2013 and positions itself as a pan-Asian life insurance company, emphasizing a customer-centric and digitally empowered model [1]. - The company has expanded rapidly through acquisitions, covering markets in Hong Kong, Macau, Thailand, and more, with a significant presence in Southeast Asia [2][4]. - As of May 12, 2024, FWD Group ranked sixth globally among multinational insurance companies in terms of registered members of the Million Dollar Round Table [2]. Group 2: Financial Performance - FWD Group reported a net profit of $10 million in 2024, recovering from previous losses, with a significant increase in new business value contributions from various insurance products [4][5]. - The company’s net insurance and investment performance showed a recovery from a net loss of $320 million in 2022 to a profit of $10 million in 2024 [4][5]. - The asset-liability ratio has been increasing, reaching 87.31% by the end of 2024, indicating rising debt levels [6]. Group 3: Market Strategy - FWD Group's strategy focuses on the Southeast Asian market due to its large population base, growing middle class, and significant protection gap compared to other regions [2]. - The company has established a leading bancassurance platform in Southeast Asia, with eight exclusive partners [2]. - The firm aims to use the upcoming IPO proceeds to enhance its capital levels and support operational growth [6].

Group 1 - FWD Group has submitted an IPO application to the Hong Kong Stock Exchange, with Morgan Stanley and Goldman Sachs as joint sponsors, after previously seeking a listing in the US [2] - The company is expected to have a valuation of up to $9 billion (HKD 70.2 billion), depending on market conditions at the time of the transaction [2] - FWD Group has attempted to list in Hong Kong multiple times, with previous applications submitted in February, September 2022, and March 2023, all of which were unsuccessful [2] Group 2 - Financial performance shows FWD Group's net insurance and investment results for 2022, 2023, and 2024 at $493 million, $47 million, and $911 million respectively, with net profits of -$320 million, -$717 million, and $10 million [3] - The Hong Kong capital market is experiencing a strong recovery, with 17 new listings in the first quarter of 2025, raising a total of HKD 17.68 billion, a 2.69 times increase from the previous year [3] - The forecast for the Hong Kong IPO market in 2025 is approximately 80 new listings, with expected fundraising between HKD 130 billion to HKD 150 billion [3] Group 3 - FWD Group operates as a rapidly growing pan-Asian life insurance company, offering a range of products including participating and non-participating life insurance, medical insurance, investment-linked life insurance, and group insurance across ten markets [5] - The company's main product categories contribute to new business value in 2024 as follows: participating life insurance (36.5%), non-participating life insurance (28.0%), critical illness and term life insurance (22.2%), medical and supplementary insurance (7.5%), and group insurance (5.7%) [5] - FWD Group has initiated a $5 billion global medium-term note and capital securities program, which is expected to be effective for 12 months starting from March 28 [5]