Pacific Century enters Phl insurance market

MANILA, Philippines - For the first time in over a decade, a major foreign conglomerate is opening a life insurance company in the Philippines, with a minimum paid-up capital of P1 billion.

It is also the first entrant into the Philippine insurance market under the country’s new insurance code.

Pacific Century Group (PCG), which will operate under FWD Life Insurance (Philippines) Co., is a Hong Kong-based private investment group with massive interests in media, information and communications technology, telecommunications, financial services and property.

Insurance commissioner Emmanuel Dooc said PCG chairman and chief executive Richard Li Tzar Kai has indicated that they wanted the new insurance firm to be operational by the end of this year.

“What is even more significant is this is the Pacific Century Group’s first ever investment in the Philippines,” Dooc revealed.

PCG was established in 1993 as a private investment group and has interest in property, financial services and other investments in the Asia Pacific Region.

After it has established its life business, FWD Life will apply for a non-life insurance license and, eventually, a composite license, meaning a single authority to operate both life and non-life operations.
Earlier, PCG acquired the Thailand, Macau and Hong Kong insurance business of ING reportedly worth $2.14 billion.

FWD wants to be a major regional player, directly competing with Japan and Taiwan insurers.

“After the Philippines, the next wave of PCG will be spotted in Malaysia, Indonesia, Singapore and Vietnam,” the PCG chairman reportedly told Dooc.PCG will be spotted in Malaysia, Indonesia, Singapore and Vietnam,” the PCG chairman reportedly told Dooc.