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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 workplaces.
In an e-mailed assertion to the publication, FWD mentioned: “Like all profitable firms, we routinely evaluate and alter our head workplace sources to make sure we now have an appropriately expert and sized group to assist our fast-growing pan Asian enterprise.”
The insurer, owned by Hong Kong billionaire Richard Li, declined to elaborate on the matter.
In keeping with a supply, this transfer is a part of a strategic shift in direction of attaining sustainable profitability throughout the subsequent 12 months, marking a departure from its earlier expansion-focused method.
The redundancies come amid a consolidation development 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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By GlobalData
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 international 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 personal funding throughout this era, the insurer has but to finalise a public providing.
Its newest IPO utility to the Hong Kong Inventory Change lapsed in September 2023 and has not been renewed.
FWD, which is targeted on serving the Asian life insurance coverage market, serves greater than 11 million prospects 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 an internet insurance coverage platform that integrates with a well being rewards loyalty programme.
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