FWD Group (“FWD”) today announced that it has agreed to acquire Commonwealth Bank of Australia’s (“CBA”) majority stake in PT Commonwealth Life, its life insurance venture in Indonesia.

As part of the agreement, FWD will enter into a 15-year life insurance distribution partnership with PT Bank Commonwealth, CBA’s Indonesian banking business. The transaction is subject to regulatory approvals.

FWD plans to rename and rebrand the business after the transaction is approved and completed. In the meantime, PT Commonwealth Life will continue to operate as before, through all its existing channels across its business.

Following completion, all existing policies will continue to be honoured by FWD. Existing customers of PT Commonwealth Life will not be affected by the transfer of ownership.

Huynh Thanh Phong, FWD Group Chief Executive Officer, said, “This is another exciting milestone in our journey to become a leading pan-Asian insurer that changes the way people feel about insurance. This acquisition will complement our existing business in Indonesia, providing new opportunities to continue to build our customer-led technology-driven strategy to embrace the enormous long-term growth potential in the Indonesian insurance market.”

Since FWD’s launch in 2013, it has grown to become a pan-Asian insurer across its key markets of Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam and Japan. FWD first entered the Indonesian market through PT FWD Life Indonesia, its joint-venture insurance company that was launched in 2015.

About FWD Group

Established in Asia in 2013 with a trailblazer mentality, FWD is the primary insurance business of investment group, Pacific Century Group

FWD Group spans 10 markets in Asia including Hong Kong SAR & Macau SAR, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, Malaysia and Cambodia, offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products across a number of its markets.

FWD is focused on creating fresh customer experiences and making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to be a leading pan-Asian insurer by changing the way people feel about insurance.

For more information please visit www.fwd.com