of AIG Investments for around $500 million, renaming the asset management company PineBridge Investments. Re-entering the insurance business, in March 2013, Li's PCG acquired the Hong Kong, Macau and Thailand insurance business of ING Groep N.V. for $2.1 billion, renaming it FWD Group. With backing by Swiss Re, Li expanded FWD Group through acquisitions, appointing Ronald Arculli as FWD chairman in October 2013. In 2015, Li then appointed former Canadian foreign affairs minister John Baird as a non-executive director to both FWD and PineBridge. By 2016, Li had overseen FWD's expansion into Indonesia, the Philippines, Singapore, Vietnam and Japan. Recent developments After Li purchased the Hanazono resort in Niseko, Hokkaido in 2007 through his company Pacific Century Premium Developments, development was delayed by the 2011 earthquake and tsunami disaster. By 2018, he had invested a total of US$930 million in the project, with an onsen, apartments, and two hotels including a Park Hyatt nearing completion by late 2019. In 2018, Li was quoted stating that his insurance businesses took up "70% to 80% of his time," with Li focused on expanding FWD in the Southeast Asian markets. In 2019, FWD had around $30 billion in assets under management. Also in 2019, Li's HKT announced it was establishing one of the first licensed virtual banks in Hong Kong, and in 2020 launched 5G wireless services. Under Li, the insurance group bolttech was launched in early 2020. He continued to chair Pacific Century Group in 2020, and remained chairman of PCCW Ltd. and HKT Limited. Also on the boards of companies such as PineBridge, Li oversees PCCW subsidiaries such as PCCW Media and the IT and business process outsourcing company PCCW Solutions. As of December 2020, Forbes estimated his net worth at $4.5 billion, ranking him 20th on its list of the richest businesspeople in Hong Kong, and 401st on its list of the world's billionaires. Boards and public positions Li is currently a member of the Global Information Infrastructure Commission, the United Nations, and the Center for Strategic and International Studies' International Councillors Group in Washington DC. He was previously the Governor of the World Economic Forum for Information Technologies and Telecommunications, as well as a representative of the Hong Kong government at the APEC Business Advisory Council (ABAC) from 2009 to 2014. He was praised by the Secretary for Commerce and Economic Development, Rita Lau, for "helping [to] raise Hong