Pacific Century Group

Richard Li first became interested in the TMT space in 1989 when he foresaw the opportunity for the creative development of information and home entertainment services in Asia and set-up STAR TV, Asia's first satellite-delivered cable-TV service.{{cite news| url=http://www.richardli.com/940724TheStraitsTimes.html| title=Richard Li : Asserting his place in life | author=Catherine Ong | publisher=Straits Times | date=24 July 1994}} By 1993 STAR TV had a viewer base of 45 million.{{cite news| url=https://www.nytimes.com/1993/08/23/business/the-media-business-star-tv-extends-murdoch-s-reach.html| title=THE MEDIA BUSINESS; Star TV Extends Murdoch's Reach | author=Philip Shenon | work=New York Times | date=23 August 1993}} In 1993, Richard Li sold STAR TV to Rupert Murdoch's News Corporation in 2 tranches for around US$1.0 billion, achieving a return of 9x over 3 years,{{cite news| url=https://www.bbc.co.uk/news/business-14214309| title=Rupert Murdoch's Chinese dreams never became a reality | author=Juliana Liu | publisher=BBC | date=20 July 2011}} and went on to form PCG.{{cite news| url=http://www.business-in-asia.com/interviews/richard_li.html| title=Interview with Richard Li of Hong Kong | author=Christopher W. Runckel | publisher=Runckel & Associates | date=December 1999}}

PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia. Its first foray into financial services came from the acquisition of Pacific Century Insurance ("PCI") in 1994.{{cite news| url=http://www.marketwire.com/press-release/fortis-to-acquire-a-majority-stake-in-pacific-century-insurance-pci-726743.htm| title=Fortis to acquire a majority stake in Pacific Century Insurance ("PCI") | author=Fortis | publisher=Fortis | date=1 March 2007}} PCI was listed on the stock exchange of Hong Kong in 1999.{{cite news| url=http://www.docstoc.com/docs/98276759/Pacific-Century-Insurance-performed-well-in-Q3-on| title=Pacific Century Insurance performs well in Q3 | author=PCI | publisher=PCI | date=8 November 2004}} By 2007, PCI was the sixth largest life insurer in Hong Kong, including PCI Investment Management{{cite news| url=http://www.thefreelibrary.com/S%26P+Assigns+'Bpi'+Rating+to+Pacifc+Century+Insurance.-a056945333| title=S&P Assigns 'Bpi' Rating to Pacifc Century Insurance | author=PR/Newswire | publisher=PR Newswire | date=27 October 1999}} Between 2000 and 2007 this company's assets increased seven-fold and the firm received numerous awards from Standard & Poor's, as well as Lipper.{{cite news| url=http://hk.jobsdb.com/HK/EN/Search/JobAdSingleDetail?jobsIdList=100003002021808| title=ING Life Insurance Company (Bermuda) Limited | author=ING | publisher=ING | date=25 March 2013}} Having grown the business in Hong Kong into a public company with a strong agency force and sound financial performance, there were limited opportunities for expansion in Asia at that time. In 2007, PCI was sold to Fortis to better position the business for the next phase of growth as part of a broader international platform.{{cite news| url=https://www.reuters.com/article/pacificcentury-fortis-idUSHKG28935520070301 | title= Fortis aims to buy Pacific Century Insurance -source | work=Reuters | publisher=Reuters | date=28 February 2007}}

PCG acquired AIG's asset management operations, AIG Investments, in 2010, and renamed it PineBridge Investments after restructuring.{{Citation|title=PineBridge Investments' Sale to Pacific Century Group Complete|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqiTQsh36O9Q|year=2010|location=International|publisher=Bloomberg}} In December 2024, it was sold to Metlife.{{Cite web |date=2024-12-24 |title=MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push |url=https://www.scmp.com/business/banking-finance/article/3292090/metlife-buy-hong-kong-tycoon-richard-lis-pinebridge-asset-management-push |access-date=2025-03-04 |website=South China Morning Post |language=en}}

In February 2013, PCG announced the acquisition of the Hong Kong, Macau and Thailand insurance businesses from ING Groep N.V. (ING). PCG has said that these acquisitions are the first step in its plan to develop a world class pan-Asian insurance business to capitalise on the long-term potential of the insurance sector. The total cash consideration of the acquisition was US$2.14 billion (EUR 1.64 billion).{{cite news| url=http://in.reuters.com/finance/stocks/ING.N/key-developments/article/2704188| archive-url=https://web.archive.org/web/20140714145704/http://in.reuters.com/finance/stocks/ING.N/key-developments/article/2704188| url-status=dead| archive-date=14 July 2014| title=ING Groep NV Completes Sale of Insurance Units in Hong Kong, Macau, Thailand | work=Reuters | publisher=Reuters | date=28 February 2013}}

In September 2020, FWD Group, the insurance arm of Pacific Century Group entered into a strategic partnership with IPP Financial Advisers to develop life insurance products.{{Cite web|date=2020-09-08|title=FWD Acquires Stake in Financial Planning Company|url=https://www.finews.asia/finance/32681-fwd-acquires-stake-in-financial-planning-company-ippfa|access-date=2020-09-08|website=finews.asia|language=en-gb}}

• Bolttech
• FWD Group
• PCCW
• Hong Kong Telecom
• Mox Bank (15% owned by PCCW; 10% owned by HKT)
• Pacific Century Premium Developments
• PCCW Media
• HK Television Entertainment
• ViuTV
• ViuTVsix
• PCCW Solutions

• Pacific Century Insurance – sold in 2007 (renamed FTLife Insurance Company)

{{reflist|30em}}

• {{Official website}}

{{PCCW}}

Category:1993 establishments in Hong Kong

Category:Financial services companies established in 1993