Billionaire Richard Li-controlled FWD Group Holdings Ltd swung to a profit in the first nine months of this year, the Hong Kong-based insurer disclosed in an amended filing with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) in the United States.

Revenue Up Nearly 38%

The company, a life and general insurance products issuer, reported net profit applicable to shareholders of $131 million for the nine months ended Sept. 30, compared to a loss of $306 million in the year-ago period. It said revenue jumped nearly 38% to $8.69 billion.

FWD has not yet set the terms for its IPO, but Reuters in June reported it could raise between $2 billion and $3 billion, valuing the company at around $13 billion to $15 billion.

The SEC has questioned FWD's ties to mainland China, specifically why authorities are treating the company as a Chinese business rather than a Hong Kong entity.