Hong Kong-based life insurance company FWD Group has posted a net profit of $44m for the first half of 2023, compared with a loss of $52m in the year-ago half.
For the six months ended 30 June 2023, the operating profit after tax was $240m, an increase of 56% from $163m a year ago.
The value of new business rose by 22% to $482m compared with $405m in the first half of 2022.
The group attributed the rise in the value of new business for the period to more Mainland Chinese tourists returning to Hong Kong and Macau, a sustained leadership position in the bancassurance sector and an improved agency presence in Thailand.
A shift towards the individual protection business in Japan also contributed to the growth.
A robust rise in the value of new business was also maintained in most countries within the emerging markets segment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
FWD Group’s segmental adjusted operating profit before tax was $307m, an increase of 56% from $208 in the year-ago period.
Total weighted premium income (TWPI) was $3.39bn, up 3% on a constant exchange rate basis from over $3.4bn in H1 2022.
Reduced single premium sales in Hong Kong and sustained reduction of in-force corporate-owned life insurance business in Japan impacted the TWPI, the company noted.
FWD Group CEO and executive director Huynh Thanh Phong said: “Solid results in our largest business segments of Hong Kong, Thailand and Japan were complemented by our emerging markets segment, which, for the first time ever, delivered a positive contribution to our pre-tax operating profit.”
“Our continued growth and scale reflect the investments we’ve made in the last decade to serve the expanding insurance sector in Asia.”
In July 2023, FWD Group announced the rebranding of the newly acquired Malaysian life insurance business to FWD Insurance Berhad from Gibraltar BSN Life Berhad.