FWD Group Holdings Limited reported its first set of earnings as a public company, posting its strongest interim performance to date for the six months ending June 30, 2025 (1H 2025).
The results coincided with the completion of the company’s Hong Kong initial public offering in July, which raised approximately US$466 million.
The insurer said new business sales reached US$1.246 billion on an annualised premium equivalent basis, a 38% increase from the same period last year.
The new business contractual service margin rose 34% to US$794 million.
Operating profit after tax climbed 9% year on year to US$251 million, supported by all four geographic reporting segments.
Net profit stood at US$47 million, which FWD described as its highest interim result since adopting IFRS 17.
The company reported a solvency ratio of 283% and more than doubled its net underlying free surplus generation to US$417 million.
Dividends from subsidiaries and regional operations exceeded US$500 million.
At the group level, comprehensive tangible equity rose 8% to US$8.15 billion and embedded value also advanced 8% to US$6.38 billion.
Moody’s upgraded the company’s notional financial strength rating to A2 in July, citing enhanced capital flexibility following the listing.
In Hong Kong and Macau, growth was driven by sustained demand from local and Mainland Chinese customers, as well as the launch of its private high-net-worth platform.
New offerings included indexed universal life and cross-border medical solutions for Greater Bay Area clients.
In Thailand and Cambodia, performance reflected the company’s exit from new corporate care business in Thailand last year.
Despite this, demand for protection, health, and retirement products remained, supported by the exclusive bancassurance arrangement with Siam Commercial Bank.
FWD’s agency force also maintained its second-place ranking globally in the Million Dollar Round Table (MDRT).
The Japan business recorded steady results from protection products and entered the savings and retirement market with a yen-denominated single premium annuity launched in July.
In Emerging Markets, new business sales expanded despite macroeconomic challenges.
In Indonesia, joint venture BRI Life led bancassurance sales.
In the Philippines and Vietnam, the company’s advisers placed second in the MDRT rankings.
FWD finalised its high-net-worth strategy during the first half, establishing operations in Hong Kong, Singapore, and Bermuda under the FWD Private brand.
A flagship lounge in Hong Kong has also opened to serve international wealth clients seeking asset allocation, wealth transfer, and legacy planning solutions.
Group CEO and executive director Huynh Thanh Phong said the interim performance reflects execution of its growth plans.
“We’re 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,” he said.
Separately, FWD marked its 12th anniversary with 12 charitable grants across its Asian markets, covering Cambodia, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Initiatives include:
Earlier this year, FWD renewed its partnership with JA Worldwide, aiming to reach an additional 40,000 students with financial education across Asia by 2027.
