Fortis Insurance Asia
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| - | |
| Type | Subsidiary |
|---|---|
| Founded | Hong Kong (1994) |
| Headquarters | Hong Kong, China |
| Key people | Stuart S. Fraser, CEO |
| Products | Insurance |
| Employees | 250+ |
| Website | www.hk.ficainsurance.com |
Fortis Insurance Company (Asia) Ltd is an insurance company based in Hong Kong. It was acquired by Fortis, the Belgium and Netherlands based public finance group in 2007 for HKD3.5b.[1]. Prior to then the company was called Pacific Century Insurance Holdings Limited (PCI, SEHK: 0065), was separately listed in Hong Kong, and was controlled by Pacific Century Regional Developments Limited (PCRD), the parent company of PCCW. After the Fortis crisis on October 2008 it is a sub of Fortis Insurance International, a division of the Fortis Holding.
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[edit] History
New Zealand Insurance Life (Bermuda) Limited was acquired and renamed Top Glory Insurance Company (Bermuda) Limited (TGI) in 1994. In the same year Pacific Century Group became the major shareholder of TGI. The name was changed again in 1999 into Pacific Century Insurance. In July of the same year the Pacific Century Insurance Holdings Limited (PCIHL) was listed on The Stock Exchange of Hong Kong Limited.[2] Pacific Century Insurance Company Limited (PCI) became the subsidiary operating life insurance and other insurance businesses.
On 26 February 2007, the share price of PCI surged 11% before the trading was suspended pending price-sensitive announcement. Three days later, the Belgian and Dutch based Fortis group announced to acquire 50.48% stake in PCI in order to expand into Asia market.
In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance, of which IDBI Bank owns 48 percent. The company ended the year with over 300 Cr in premiums as on 31st March 2009.
[edit] Current strategy
Fortis Insurance Company (Asia) Limited ("FICA") is one of Hong Kong's largest life insurance companies. It's a wholly-owned subsidiary of Fortis, a solid international insurance group.
Leveraging on global capabilities and local expertise, FICA offers both individual and institutional customers a broad range of financial protection products and wealth management services to match their exact needs. In addition, the company provide comprehensive general insurance services in partnership with China Taiping Insurance (HK) Company Limited and the Asia Insurance Company Limited.
[edit]
- Pacific Century Regional Developments Limited 47.9%
- China Insurance Group 11.3%
- Public 40.8%
[edit] References
[edit] External links
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