Hong Kong insurance player FWD has filed for an IPO to list in the US. The equity issuance could raise $2-2.5bn, valuing the company at about $13bn. The move clarifies rumors over the past two years about a listing either in Hong Kong or the US. Refinitiv notes that if the IPO happens as planned, it would be the largest listing by a Hong Kong-based insurer in the US and the largest IPO by an insurer based in China and Hong Kong after China Life Insurance’s $3.5bn listing on the NYSE in December 2003. FWD has been on a string of acquisitions including last year’s MetLife HK business and historical acquisitions of SCB Life Assurance, PT Commonwealth Life, Shenton Insurance etc.

FWD’s bonds were stable – its USD 5.5% Perps were at 100.4, yielding 5.25%.

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