Insurance coverage firm FWD Group has laid off roughly 50 of its staff, reported Reuters, citing sources.
The retrenchment train primarily impacted its employees based mostly in Hong Kong and Singapore head places of work.
In an e-mailed assertion to the publication, FWD mentioned: “Like all profitable corporations, we routinely overview and regulate our head workplace sources to make sure we have now an appropriately expert and sized crew to help our fast-growing pan Asian enterprise.”
The insurer, owned by Hong Kong billionaire Richard Li, declined to elaborate on the matter.
In accordance with a supply, this transfer is a part of a strategic shift in the direction of reaching sustainable profitability throughout the subsequent 12 months, marking a departure from its earlier expansion-focused method.
The redundancies come amid a consolidation pattern in Hong Kong’s monetary providers sector, which has seen vital job losses on account of a downturn in capital markets and company buyout exercise.
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As per the report, town’s funding banks have been notably affected, with IPO volumes dropping to a decade low amid rising rates of interest and world political uncertainties.
FWD has been actively pursuing an IPO in each New York and Hong Kong over the previous two years.
Regardless of elevating practically $1.8bn (HK$14.08bn) in non-public funding throughout this era, the insurer has but to finalise a public providing.
Its newest IPO utility to the Hong Kong Inventory Trade lapsed in September 2023 and has not been renewed.
FWD, which is concentrated on serving the Asian life insurance coverage market, serves greater than 11 million clients throughout ten markets.
The corporate’s current initiatives embody the launch of ‘The One’ by FWD Philippines, a customisable insurance coverage plan for players, and a collaboration between FWD Hong Kong and Membership Care to introduce a web-based insurance coverage platform that integrates with a well being rewards loyalty programme.
