Forte Insurance (Cambodia) Plc (Nov 2023)


Forte Insurance (Cambodia) PLC (Forte Insurance) started operations in Phnom Penh in 1996, becoming one of the first insurers in the Kingdom of Cambodia (Cambodia) after the institution of insurance activities. In 2016, the entity founded Forte Microinsurance, which was subsequently rebranded to Forte Life Assurance (Cambodia) Plc (Forte Life). A year later, FORTE-TOKO Lao Assurance Co., Ltd (Tokojaya) was acquired in Lao People’s Democratic Republic. Forte Insurance currently owns 99% shareholding in Tokojaya (2021: 95%) and 72% of Forte Life (2021: 74%), but the entity does not consolidate the performance of these subsidiaries, given the exemption provided in CIFRS 10, Consolidated Financial Statements.

The insurer and all other subsidiaries including Forte Property Co., Ltd (Forte Property), are first regrouped under Forte Investment Holdings Co., Ltd (Forte Holdings or the subgroup), which was incorporated in Cambodia in July 2017. The subgroup is ultimately consolidated at FIG3 Investment Pte.Ltd’s (FIG3 or the group) level, subsequent to the set-up of the latter in Singapore in November 2021. The group was incorporated together with another subgroup, FIG Investment A Pte.Ltd (FIG A), which fully owns Forte Holdings. The shareholders of the group were largely unchanged, but the USD11m net capital injection as well as transactions to settle related parties’ receivables saw some changes in existing shareholders’ interests and the entry of two new shareholders in 2022. Similarly, Forte Holdings continues to reflect the group’s credit strengths and weaknesses, given the absence of risk exposures outside this subgroup. These are driven by Forte Insurance, with its contribution of c. 86% to group’s gross written premiums (GWP) in 2022 (2021: 85%; 2020: 86%; 2019: 88%). The entity is also core to the wider structure in terms of asset contribution, which stood at 83% (2021: 84%; 2020: 81%; 2019: 80%). Resultantly, Forte Insurance’s ratings are approached from a group perspective, with the analytical entity being FIG3.

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