First Acquisition
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. PCI was listed on the stock exchange of Hong Kong in 1999. By 2007, PCI was the sixth largest life insurer in Hong Kong, including PCI Investment Management 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. 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.
Subsequent Acquisitions
PCG acquired AIG's asset management operations, AIG Investments, in 2010, and renamed it PineBridge Investments after restructuring. In December 2024, it was sold to Metlife.
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).
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.
