FWD, formerly the insurance business of ING and renamed after being acquired by Richard Li in 2013, is a leading pan-Asian life insurance company with operations spanning ten markets including Hong Kong, Macau, and Thailand. FWD has demonstrated outstanding performance in the Hong Kong market with innovative products such as "Critical Illness Protection" and "Future Savings Plan", achieving a 33% growth rate in new premium in 2024 and being awarded "Health Insurance Company of the Year" for three consecutive years.

   However, despite FWD's A2 rating from Moody's and A rating from Fitch in Hong Kong, it has not obtained insurance business operation qualifications in the mainland. All sales activities are considered cross-border services, posing legal and compliance risks.

   Although FWD Insurance operates in compliance in Hong Kong, mainland customers need to travel to Hong Kong to sign contracts. In the event of a claim dispute, the cost of safeguarding rights is high and they may face legal differences between the two regions. In addition, although its savings-type products such as "Yingju Tianxia" advertise expected return rates as high as 6.5%-7%, the non-guaranteed returns are affected by capital market fluctuations, and the historical stability of dividend payments is questionable.