FWD Group Holdings Limited has resubmitted its application to list on the main board of the Hong Kong Stock Exchange.
The company has renewed its plans for an initial public offering amid continued expansion in its Asian markets.
On May 19, FWD filed a revised Form A1 with Hong Kong Exchanges and Clearing Limited (HKEX), marking another step in its pursuit of a public market debut.
A draft prospectus – referred to as the Application Proof – has been made available on the HKEX website, as part of disclosure requirements under the exchange’s listing rules and the oversight of the Securities and Futures Commission (SFC).
The insurer emphasised that the filing does not constitute a commitment to proceed with the offering and that the submission could still be returned, amended, or rejected.
FWD also clarified that the announcement is not intended as an offer to sell or a solicitation to purchase any securities in Hong Kong or any other jurisdiction.
According to the company, no securities will be marketed in the US due to restrictions under the US Securities Act, and no public sale will be launched in Hong Kong until a prospectus is officially filed with the local Companies Registry.
Goldman Sachs (Asia) LLC and Morgan Stanley Asia Limited have been appointed as overall coordinators. The company may appoint additional coordinators and will announce any updates as required by HKEX rules.
FWD’s latest application follows its first-quarter financial update, which reported solid performance across its 10-market footprint in Asia.
The group saw its new business contractual service margin (CSM) grow to US$465 million in Q1 2025, a 55% increase from the prior-year period. Annual premium equivalent (APE) sales rose 46% year-over-year to US$679 million.
The insurer said these metrics support long-term earnings under IFRS 17, with robust gains in Hong Kong SAR and Macau SAR. Growth in these markets was driven by demand from both local clients and Mainland Chinese visitors.
Emerging markets posted double-digit gains, while Japan maintained steady activity.
In contrast, performance in Thailand and Cambodia was affected by external economic conditions and persistently low interest rates.
Commenting on the group’s performance, CEO and executive director Huynh Thanh Phong said: “We continued to respond to rapidly evolving customer needs for protection, health, and savings, with 10 new products introduced in the quarter, including FWD Private’s first high-net-worth indexed universal life proposition.”
