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GREAT Eastern Holdings has sold its Vietnam business to FWD Life Insurance Company (Bermuda) for S$48.2 million.
Khor Hock Seng, group CEO of Great Eastern, said: "Our decision was made after a comprehensive strategic review. We will be increasing our focus to grow our core markets of Singapore and Malaysia where we are among the market leaders, as well as our business in Indonesia and Brunei."
FWD Life Insurance Company (Bermuda) is part of FWD Group, the insurance business arm of Asia-based investment group, Pacific Century Group. As part of the transaction, FWD will honour all in-force policies.
The divestment is expected to be completed by June 21. It is not expected to have a material impact on Great Eastern's financials.