Image Source: AsiaOne
Asian insurer FWD Group is exiting its group medical insurance business in Singapore, less than four years after setting up shop here. The company - owned by Mr Richard Li, a son of Hong Kong tycoon Li Ka-shing - said it will wind down its employee benefits division by December next year. It will no longer pitch for new contracts for that business, which mostly covers group medical insurance, and will not renew existing contracts when they expire, said a company spokesman. Its website states that it is the fifth largest group medical insurer here, providing services to more than 80,000 from a range of companies. The spokesman told The Straits Times that its clients were informed of this move last month. He said he is unable to comment on what will happen to the staff working in this unit as the company is still in discussion with them. The company's website said it has more than 200 employees here.
Source: AsiaOne