FWD Group Holdings Ltd. reported a six-fold increase in net profit, double-digit growth in new business, and higher embedded value for 2025, its first full-year earnings release as a Hong Kong-listed company.
For the year ended Dec. 31, 2025, the pan-Asian life and health insurer posted net profit of US$166 million under IFRS 17 and operating profit after tax of US$499 million. New business sales rose 25% to US$2.446 billion on an annualized premium equivalent basis, while new business contractual service margin reached US$1.476 billion, up 18% year on year. Comprehensive tangible equity increased 18% to US$8.72 billion and group embedded value rose 19% to US$6.85 billion. The group reported a solvency ratio of 265%, and its leverage ratio declined to 21.3%, moving toward its stated 15% to 20% target range.
Management described the 2025 results as reflecting a more profitable and capital-focused profile under IFRS 17. All four geographic reporting segments – Hong Kong SAR and Macau SAR; Thailand and Cambodia; Japan; and Emerging Markets – contributed positively to operating profit after tax. The group also reported positive operating cash flow for the second consecutive year, supporting internal capital generation alongside new business growth. The increase in comprehensive tangible equity and embedded value was reflected in higher reported measures of shareholder value on both an accounting and economic basis. The reported solvency ratio and lower leverage sit within the set of indicators monitored by counterparties, rating agencies, and distribution partners in Asian markets as regulators continue to refine capital and risk-based frameworks.
Huynh Thanh Phong, group chief executive officer and executive director, said 2025 marked a key stage in the company’s development. “2025 was a stand-out year for FWD Group. We successfully executed our customer-led strategy, underpinned by our digitally enabled business model. Record financial results were achieved. And of course, we began trading as a publicly listed company, following our July 2025 initial public offering,” Huynh said. He added that the listing “fulfilled a long-held objective to ensure FWD Group has full capital market access, as a solid foundation for our future development and growth.”
FWD said its 2025 results were mainly driven by organic growth across most of its 10 Asian markets, with Hong Kong SAR and Macau SAR accounting for a significant share of new business and earnings. The group’s activities in those markets span both local demand and cross-border business. In Japan, FWD expanded beyond its traditional focus on protection products and entered the retirement and savings segment with a yen-denominated single-premium variable annuity. The product adds another line to the group’s offering in a market characterized by low interest rates and an aging population.
In Thailand, where FWD has an established presence, the group cited a lower interest rate environment and its 2024 withdrawal from underwriting new corporate care business as factors that weighed on 2025 performance. The company said it remains positioned to grow what it describes as quality new business as it adjusts its product mix. The Emerging Markets segment – covering five Southeast Asian markets outside FWD’s core hubs – delivered what the group described as strong growth, in line with demographic trends, income growth, and increased use of digital channels. These markets remain a meaningful source of protection and health premium growth for regional insurers. “With 2026 already underway, we remain firmly focused on executing our strategy as we build for the future – operating with customers at the heart of everything we do in high-growth Asian markets, with a focus on long-term sustainability and profitability,” Huynh said.
FWD’s listing on the Hong Kong Stock Exchange in July 2025 and subsequent index inclusions broadened its investor base. In December 2025, the group was added to the Hang Seng Composite Index and became eligible for trading via the Stock Connect program, allowing mainland Chinese investors to access its shares through southbound links from the Shanghai and Shenzhen exchanges. In February 2026, FWD was also included in the MSCI Hong Kong Small Cap Index. These steps provide additional access to global institutional investors and index-linked strategies, and may support future capital-raising and balance sheet initiatives. FWD Group (stock code 1828.HK) now serves more than 38 million customers across 10 markets, including its interest in BRI Life in Indonesia.
Other regional carriers reported similar trends. Zurich Insurance Group’s Asia-Pacific operations generated about US$7.5 billion in gross written premiums in 2025, including US$3.2 billion of life premiums and US$4.3 billion of property and casualty premiums, along with higher business operating profit. QBE Insurance Group posted statutory net profit after tax of US$2.16 billion, up about 21% from 2024, with its Australia Pacific division – covering commercial, specialty, and personal lines in Australia, New Zealand, and the Pacific - remaining a key contributor.
Global insurers with diversified portfolios also pointed to growth in health and protection lines, some of which include Asian business. AXA reported group gross written premiums and other revenues of €116 billion in 2025, up 6% from 2024. The Cigna Group reported total revenues of US$274.9 billion for 2025, an 11% increase year on year, driven primarily by Evernorth Health Services.
