FWD Group Holdings Ltd., the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has filed for a third time for an initial public offering (IPO) in the financial hub, Bloomberg reported on Monday.

The company resubmitted listing documents with updated financial data Monday, confirming an earlier Bloomberg News report, after its September application lapsed. The insurance company is still seeking to raise about $1 billion in a share sale, the report said, quoting people familiar with the matter.

According to the report, the IPO, whose proceeds will be used to fuel the firm’s growth, could come as soon as in the second quarter depending on market conditions.

FWD was initially looking to go public in the US, where it had filed for an IPO that could have raised as much as $3 billion in 2021, according to Bloomberg. The company in December 2021 decided to switch its listing venue to Hong Kong and applied for a share sale in the Asian financial hub two months later. The insurer refiled in September after the first application lapsed.

Deliberations for the IPO are ongoing and details such as the size and timing could change, the people reportedly said. A representative for FWD declined to comment.

Last month, the Hong Kong-based insurance firm announced that it will enter the Malaysian life insurance market following the signing of an agreement to invest in a majority stake in Gibraltar BSN Life Berhad (Gibraltar BSN).

The transaction is expected to close in the second quarter of 2023, FWD said in a statement then. FWD Group, and other investors, will together hold an effective 70 percent stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America, the wholly owned subsidiary of US-based NYSE-listed Prudential Financial, Inc. (PFI).

Bank Simpanan Nasional (BSN) will continue to hold the remaining 30 percent stake ownership in Gibraltar BSN. Post-completion, FWD Group will partner with BSN to further develop and grow Gibraltar BSN.

Founded 10 years ago, FWD has expanded across Asia both organically and via acquisitions. It counts more than 10 million customers across markets in the region.

Earlier in 2019, it acquired the life insurance operations of Thailand’s Siam Commercial Bank Pcl for about $3 billion.

FWD to enter Malaysian life insurance market with strategic investment in Gibraltar BSN