SINGAPORE - FWD Group, the insurance arm of Hong Kong's investment conglomerate Pacific Century Group, is pulling out of the employee benefits business in Singapore, key of which is group medical insurance.
This will impact over 80,000 members across various companies covered by its employee benefits business, according to FWD's website. An FWD spokesman told The Business Times that affected clients were informed over the past few months on the shuttering of the employee benefits business.It is believed to be the fifth-largest group medical insurer in Singapore.
FWD said it will still maintain its direct-to-consumer business, which offers a suite of life and general insurance products including direct-term life, car, travel, personal accident and maid insurance. Outside of Singapore, FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Vietnam and Japan, offering life and medical insurance, general insurance and employee benefits across a number of its markets.
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