FWD Group has reported net profit of $47m in the first half of 2025 (H1 2025), an increase from the $3m in the same period of the prior year.
The company, which made its trading debut on the Hong Kong Stock Exchange on 7 July 2025, saw post-tax operating profits growing by 9% to $251m.
The growth was supported by gains in all four of its regional segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.
The company’s new business sales grew by 38% to $1.24bn on an annualised premium equivalent basis, compared to the figures from 2024.
FWD Group has also reported a 283% solvency ratio and doubled its net underlying free surplus to $417m.
The tangible equity of FWD Group saw an 8% increase to $8.15bn, with the group’s embedded value also rising by 8% to $6.38bn.
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By GlobalDataThe Hong Kong SAR & Macau SAR segment reported growth in new business sales and new business contractual service margin (CSM), due to “broad-based demand from both local and Mainland Chinese visitor customers and the full activation of the FWD Private HNW business”.
The Thailand & Cambodia segment experienced a slight downturn in new business indicators due to the exit from Thailand corporate care underwriting business in 2024.
The Japanese arm reported favourable new business figures, driven by its focus on individual protection products.
The launch of a yen-denominated single-premium annuity product in July signifies the company’s foray into the savings and retirement segment.
The Emerging Markets segment logged “strong new business sales growth”.
Notably, in Indonesia, the joint venture BRI Life, in which FWD Group has a 44% stake, led the bancassurance sector in terms of new business sales.
FWD Group CEO and executive director Huynh Thanh Phong said: “We are delighted to report record interim results under IFRS 17 in our first earnings as a publicly listed company. The outstanding growth in new business CSM demonstrates our ability to execute our customer-led strategy successfully across Asia in a sustainable and profitable way.
“We intend to use the net proceeds of our recent IPO [initial public offering] to further enhance our capital position and financial flexibility, which may involve reducing debt, in support of further growth and reach with customers, digital capabilities and channels.”
