FWD enters Singapore market with acquisition of Shenton Insurance

FWD Group (“FWD”), the insurance arm of Asia-based Pacific Century Group, is pleased to announce that it has acquired a 90% stake in group medical insurance provider Shenton Insurance Pte Ltd (“Shenton”) Parkway Holdings Limited, an indirect wholly-owned subsidiary of IHH Healthcare Berhad. Shenton will be rebranded to FWD in due course.

Singapore is the third new market in FWD’s regional footprint which now includes Indonesia and the Philippines, in addition to Hong Kong, Macau and Thailand. As a leading and well-regulated financial centre, Singapore combines robust, high standards with a business-friendly environment. Its role as ASEAN’s pre-eminent financial services and risk management hub makes it a strategically important market for FWD – aligned to its pan-Asian growth aspirations and providing connectivity to the region.

“FWD is dedicated to changing the way people feel about insurance across Asia, and Singapore is a fundamental part of our vision to become a leading pan-Asian insurer,” said Huynh Thanh Phong, FWD Group Chief Executive Officer. “The Shenton management team have built a strong foundation for FWD in the country.”

FWD is focused on creating fresh customer experiences with easy-to-understand insurance solutions supported by digital technologies. The company will continue with its existing business and intends to invest in expanding the business in Singapore and is committed to growing its activities in the region.

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

About Shenton Insurance

Shenton Insurance is one of Singapore’s largest medical insurers specialising in corporate healthcare. Its network of healthcare providers include about 300 panel general practitioners island-wide and over 500 medical specialists. Shenton Insurance's members have access to a wide range of treatments and services including imaging and diagnostics at four leading private hospitals under Parkway Pantai - Gleneagles Hospital, Mount Elizabeth Hospital, Mount Elizabeth Novena Hospital and Parkway East Hospital. They can also seek treatment at restructured hospitals.

Shenton Insurance is a unit of Parkway Pantai, one of Asia’s largest integrated private healthcare groups. Parkway Pantai is part of IHH Healthcare, the world’s second largest healthcare group by market capitalisation with a network of close to 10,000 licensed beds across 49 hospitals in 9 countries worldwide.