SCB to sell insurance unit to FWD for B92.7bnHuynh Thanh Phong (left), group chief executive officer of FWD Group, shakes hands with Arthid Nanthawithaya, CEO and chairman of the executive committee of Siam Commercial Bank Plc, after signing an agreement on SCB Life Assurance Plc. (Siam Commercial Bank photo)Thailand's largest lender, Siam Commercial Bank Plc, is selling its SCB Life Assurance business to Hong Kong-based insurer FWD Group for 92.7 billion baht, marking the largest insurance M&A deal in Southeast Asia. "Under this arrangement, SCB will distribute FWD's life insurance products to the bank's customers in Thailand, leveraging the bank's distribution channels for a period of 15 years," both companies said in a joint statement on Monday. Southeast Asia has emerged as a battleground for foreign insurers who are attracted by the region's lower insurance penetration levels and faster growth rates for life insurance premiums than in their home markets. FWD, owned by tycoon Richard Li, has aggressively expanded its Asian footprint in recent years, mainly through acquisitions.

Source: Bangkok Post July 01, 2019 06:32 UTC