FWD Group Holdings Limited has reported an increase in new business sales and contractual service margin for the nine months ending Sept. 30, 2025, reflecting ongoing expansion in its Asian operations.
The insurer’s new business sales reached US$1.935 billion on an annualised premium equivalent (APE) basis, up 37% compared to the same period last year.
The new business contractual service margin (CSM) stood at US$1.158 billion, marking a 27% rise year over year.
According to group chief executive officer and executive director Huynh Thanh Phong, the growth was largely attributed to organic expansion in most of the company’s 10 Asian markets.
“A positive indicator of value creation for our shareholders is the surge in our new business contractual service margin, which continues to strengthen our CSM balance and boost earnings over time,” he said.
In September, FWD Group refinanced US$1.15 billion in debt and redeemed US$500 million, primarily through proceeds from its recent initial public offering.
These actions reduced the company’s leverage to 21.8% and cut annualised financing costs by roughly US$72 million.
Huynh noted that these steps have positioned the company to further its customer-focused growth strategy and risk management objectives.
The company highlighted that robust demand from both local and visiting policyholders continued to drive new business growth in Hong Kong SAR and Macau SAR.
In Emerging Markets, double-digit increases in new business sales were reported in Singapore, Malaysia, the Philippines, and Indonesia, where FWD operates through its joint venture, BRI Life.
Japan also contributed to growth, with gains in individual protection products and the company’s recent entry into the retirement and savings sector.
Conversely, the Thailand and Cambodia segment remained challenged by a low-interest rate environment, which weighed on new business metrics.
FWD Group’s latest update follows its first interim earnings report as a publicly listed company, covering the six months to June 30, 2025.
During this period, new business sales totalled US$1.246 billion on an APE basis, a 38% increase from the previous year. The new business CSM rose 34% to US$794 million.
Operating profit after tax increased 9% to US$251 million, while net profit reached US$47 million, which the company described as its highest interim result since adopting IFRS 17.
The group reported a solvency ratio of 283% and net underlying free surplus generation of US$417 million, more than double the prior year’s figure.
Dividends from subsidiaries and regional operations surpassed 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.
