AIG to sell Japan Life Insurance Business to FWD Group
The transaction is subject to regulatory approvals. Terms of the deal were not disclosed.
AIG will continue to focus on Japan’s property and casualty (P&C) market through its local subsidiaries Fuji Fire & Marine, Ltd., AIU Insurance Company, Ltd., and American Home Assurance Company, Ltd.
These companies provide commercial insurance and services, as well as personal insurance coverage lines, including accident & health, auto, homeowners, and travel insurance.
Japan, where AIG has operated since 1946, is the third largest commercial market and the largest personal insurance market globally for AIG, based on net premiums written by country.
Following completion of the deal, FWD Group will maintain AFLI’s existing life insurance distribution agreements with AIG Japan.
In-force policies will not be affected by the expected transfer of ownership.
Since FWD’s establishment in 2013, it has become a pan-Asian life insurer across Thailand, Indonesia, the Philippines, Singapore and Vietnam with a strong base in Hong Kong and Macau.
FWD’s entry into Japan, the second largest life insurance market in the world, further extends its regional footprint and is part of its vision to become a leading pan-Asian insurer. ■