Richard Li sits tight at FWD

Richard Li Tzar-kai, the billionaire in charge of Asian insurer FWD, will maintain a controlling interest in the company after reports saying the insurer is considering a potential stake sale after delaying a planned initial public offering.

Pacific Century Group, which owns FWD and is chaired by Li, said it will not comment on any market rumors but believes Li has strong confidence in the long-term development of the insurer.

Word last week was that the company could seek a valuation of more than US$10 billion (HK$78 billion) in its deals, and global insurers including Toronto-based Sun Life Financial have approached FWD to express interest in a tie-up.

While talks with Sun Life hit a snag over price, other insurers eyeing a bigger presence in Southeast Asia and Hong Kong have also expressed preliminary interest in a potential deal.