FWD Group closes $3bn SCB Life acquisition deal; appoints new CEO from AXA

Asian insurer FWD Group has appointed David Korunić as the new chief executive officer for SCB Life Assurance Public Company (SCBLIFE), following the completion of its acquisition of SCBLIFE from The Siam Commercial Bank Public Company (SCB).

The acquisition is said to be the largest ever life insurance transaction in Southeast Asia.

SCB has received a total consideration in connection with the shares sale of THB 92.7 billion ($3 billion) and will receive payments common in bancassurance transactions over the course of their 15-year bancassurance partnership. FWD plans to rename and rebrand SCB Life, subject to regulatory approval.

As CEO, Korunić will be responsible for leading, overseeing and growing the SCB Life business in Thailand. At the same time, he has also been appointed as an executive director of the board of SCB Life. He will report directly to FWD Group chief executive officer Huynh Thanh Phong.

Korunić has more than 30 years’ experience in the insurance industry and most recently was the country CEO for AXA Thailand.

Korunić succeeds Sathian Leowarin who will remain temporarily as senior advisor to help ensure a smooth transition and handover before returning to SCB.

“We’re thrilled to welcome David on board, especially in this exciting new chapter of our journey where we have a tremendous opportunity to grow our business in Thailand with the acquisition of SCBLIFE,” Phong said. “He is a seasoned industry veteran with unrivalled career experience and success in Thailand and I have no doubt he is the perfect leader to spearhead SCBLIFE and bring our Thai business to the next level.”

“I’d also like to thank Khun Sathian for his hard work and dedication in leading SCBLIFE and helping us to successfully complete the acquisition and transition,” Phong added.

Korunić said: “This is a unique opportunity to build something fresh and new with a leading and established insurance business. Thailand is an exciting and dynamic market and there are significant opportunities within the insurance industry for us to continue challenging traditional practices, bring fresh experiences and product propositions to our customers and ultimately change the way people feel about insurance.”

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