HONG KONG, Mar 16, 2026 - (ACN Newswire) – FWD Group Holdings Limited (“FWD Group” or “FWD”) today announced its first set of full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025.
- New business sales were up 25 per cent to US$2.446 billion compared to 2024 on an annualised premium equivalent (APE) basis. New business contractual service margin (CSM) was US$1.476 billion, with year-on-year growth of 18 per cent.
- Operating profit after tax was up five per cent to US$499 million with positive contributions from each of the company’s four geographic reporting segments – Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.
- Net profit of US$166 million is a record IFRS 17 result and for the second consecutive year, FWD Group was operating cash flow positive as at 31 December 2025. Leverage ratio reduced to 21.3 per cent approaching the company’s target range of 15-20 per cent.
- Significantly increased important indicators of shareholder value creation, with comprehensive tangible equity (CTE) up 18 per cent to US$8.72 billion compared to 31 December 2024 and Group embedded value (EV) up 19 per cent year-on-year to US$6.85 billion. A strong capital position was maintained with a 265 per cent solvency ratio^.
- In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, where Mainland Chinese investors connect via the Shanghai Stock Exchange and Shenzhen Stock Exchange with Hong Kong market opportunities via a southbound trading mechanism. FWD Group was also included in the MSCI Hong Kong Small Cap Index in February 2026.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “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. This fulfilled a long-held objective to ensure FWD Group has full capital market access, as a solid foundation for our future development and growth.”
The strong 2025 results were driven by organic growth across most of the 10 Asian markets where FWD Group operates, with a particularly outstanding performance in the Hong Kong SAR & Macau SAR segment.
A solid performance was posted in Japan, in a year where FWD began to diversify beyond its successful protection business into the retirement and savings segment, with its first offering – a yen-denominated single premium variable annuity product.
As an established market leader in Thailand, FWD remains well positioned to grow quality new business in future, despite headwinds from a lower rate environment which impacted 2025 results, in addition to the 2024 exit from underwriting new business in the corporate care segment.
Excellent growth was delivered in the Emerging Markets segment – which is comprised of five of the rest of FWD Group’s Southeast Asian markets – consistent with the longer-term demographic, wealth creation, and digital adoption trends in this region.
“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,” added Huynh Thanh Phong.
About FWD Group
FWD Group (1828.HK) is a pan-Asian life and health insurance business that serves more than 38 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828.
For more information, please visit www.fwd.com
For media inquiries, please contact: groupcommunications@fwd.com
Source: FWD Group Holdings Limited
The results are for the 12 months ended 31 December 2025 and are compared to the same period in 2024.
Group LCSM cover ratio, group embedded value, comprehensive tangible equity values are December 2025 balances/ratios and growth rates are represented accordingly.
Growth rates are represented on a constant exchange rate (CER) basis, unless otherwise stated.
Except for operating profit/(loss) after tax (non-IFRS measure), net profit/(loss), and comprehensive tangible equity, all other numbers are unaudited. Operating profit after tax and net profit after tax represent the amounts attributable to equity holders of the company and are presented net of non-controlling interests. New business sales are calculated on an annualised premium equivalent (APE) basis, based on 100 percent annualised first year premiums and 10 percent single premiums. Comprehensive tangible equity is calculated as total equity of the Group attributable to shareholders of the Company plus contractual service margin (net of tax and non-controlling interests), minus intangible assets (net of non-controlling interests).
* Actual exchange rate basis
^ Prescribed capital requirement (PCR) basis