From Breakingviews - Richard Li's insurer offers geopolitical cover
, is more than 150 years old. Li touts youth as an advantage in a region where technology is increasingly important to sales. But the company has also had a lot of growing up to do.
But that figure leapt nearly two thirds last year, and momentum is building. The value of new business – a measure of the present value of future earnings from policies signed - rose around 30%. That implies FWD is winning committed clients. It can take as long as five years for insurers to book a profit from policies after initial costs such as agency fees are covered.
It is the company’s fourth attempt at an initial public offering. FWD last filed for a Hong Kong IPO in February 2022 and won listing approval in May but put the deal on hold owing to volatile market conditions. Before that, in June 2021 it applied to list in New York. A first attempt to go public in Hong Kong in 2021 was refused owing to concern over its dual-class shares. The company no longer has weighted voting rights.
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