FWD updates financials for US IPO – International Financing Review
- Date: 17-Nov-2021
- Source: IFR
- Sector:Financial Markets
- Country:Middle East
FWD updates financials for US IPO – International Financing Review
FWD Group, an Asian insurer controlled by Hong Kong billionaire Richard Li, has updated its financial numbers ahead of a US IPO.
According to its latest filing on Tuesday, the company posted revenue of US$8.7bn for the first nine months of 2021, up 38% from a year earlier. Its net profit was US$225m, compared to a loss of US$353m a year earlier. It had 10.3 million customers as of September 30 2021.
FWD pre-marketed the float of up to US$3bn in October but was questioned by the US Securities and Exchange Commission about its ties to China. The company, which has no substantive operations in mainland China, then added a disclosure in its filing that “it cannot guarantee that the PRC government will not seek to intervene or influence its operations at any time”.