FWD Group Holdings Limited (1828.HK) announced its first full-year results as a publicly listed company on March 15, 2026, reporting a record net profit of US$166 million for the 12 months ended 31 December 2025—a six-fold increase from the prior year on an actual exchange rate basis. The results reflect strong organic growth across most of its 10 Asian markets, with new business sales rising 25% to US$2.446 billion on an annualised premium equivalent (APE) basis. New business contractual service margin (CSM) grew 18% to US$1.476 billion.
Operating profit after tax increased 5% to US$499 million, with positive contributions from all four geographic segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. The Hong Kong SAR & Macau SAR segment delivered an outstanding performance, while Japan began diversifying beyond protection into retirement and savings with a yen-denominated variable annuity product. In Thailand, FWD maintained its market leadership despite headwinds from lower interest rates and the 2024 exit from corporate care underwriting. The Emerging Markets segment, comprising five Southeast Asian markets, posted excellent growth aligned with demographic and digital adoption trends.
Key shareholder value indicators improved significantly. Comprehensive tangible equity (CTE) rose 18% to US$8.72 billion, and group embedded value (EV) increased 19% to US$6.85 billion. The solvency ratio stood at a strong 265% on a prescribed capital requirement (PCR) basis, while the leverage ratio fell to 21.3%, approaching the target range of 15-20%. For the second consecutive year, FWD was operating cash flow positive as of 31 December 2025.
In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, enabling mainland Chinese investors to trade the stock via southbound connections. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. Group Chief Executive Officer Huynh Thanh Phong 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.” He added that the listing ensures full capital market access as a foundation for future development.
The results underscore FWD’s focus on long-term sustainability and profitability. As Phong noted, “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.” For more information, visit www.fwd.com. The original press release is available at www.newmediawire.com.
