A few days ago, it was reported that Li Zekai's Yingke expanded a majority stake in Pinebridge (Pinebridge Investment), an asset management company under the proposed **, thereby affecting its joint ventures in the mainland. In response to the enquiry, Pacific Century Group stressed that Barry has never planned to ** the Chinese mainland business segment and will not have any impact on its joint ventures in the mainland, and Chairman Li Zekai said that the group will actively and continuously invest in the mainland market in the future.
In addition, sources pointed out that FWD Group, a subsidiary of Pacific Century Development, expects to achieve sustainable profitability in the next 12 months through a series of measures. At the same time, FWD's goal is to become a company with long-term growth and profitability.
In 2010, Pacific Century Group acquired the global asset management business of AIG and changed its name to Pinebridge Investments, which was headquartered in New York, USA. The mainland business of Berry is a joint venture company called Huatai Berry, and its shareholding structure is 49% Huatai**, 49% of Berry, and 2% of Suzhou High-tech. Pinebridge Investments has $157 billion in assets under management globally, and has strong earnings performance and cash flow, both in the mainland and elsewhere in the world.
A spokesperson for Pacific Century Group said that Huatai Berry's business development in the mainland is positive, and Chairman Li Zekai is also full of confidence in the future of Huatai Pineapple. Li Zekai is very optimistic about China's economic development prospects, and any adjustment of the group's global business is to better allocate funds to invest in better quality industries, especially focusing on related areas in the mainland. For example, the Group will continue to actively explore and explore investment in sectors such as insurance and technology in the Mainland.
Judging from Li Zekai's long-term series of business actions, he has a soft spot for the insurance business. Li Zekai once pointed out that while the Asian region is experiencing rapid economic development, the common people should be given better personal and medical security.
In 2013, through his family office, Pacific Century Group, Li acquired ING's Hong Kong, Thailand and Macau operations and officially changed its name to FWD Group. In the past 10 years, FWD has expanded from 3 to 10 markets. FWD has become the fastest-growing life insurer in Pan-Asia, serving more than 10 million customers and has been recognized by the International Association of Insurance Regulators as one of the 56 most active international insurers in the world. In terms of standard first-year premiums, FWD is currently ranked 4th among life insurance companies in Southeast Asia. Today, Pacific Century holds about 70% of FWD's shares, and other major shareholders include Swiss Re, Huatai** and others. As of the end of September 2023, Pinebridge managed approximately 25% of FWD's assets.