FWD Group Holdings Limited (1828.HK) today reported its first full-year results as a Hong Kong listed company for the 12 months ended December 31, 2025, achieving record financial performance. Net profit reached US$166 million, a six-fold increase compared to the prior year, driven by robust organic growth across its 10 Asian markets. New business sales rose 25% to US$2.446 billion on an annualised premium equivalent (APE) basis, while 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 company also strengthened its capital position, with the leverage ratio declining to 21.3%, approaching its target range of 15-20%. 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 265% on a prescribed capital requirement (PCR) basis. For the second consecutive year, FWD Group was operating cash flow positive as of December 31, 2025.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, 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 performance was led by outstanding results in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into retirement and savings with a yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from the corporate care segment, FWD remains well positioned for quality growth. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic, wealth creation, and digital adoption trends.
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 access Hong Kong market opportunities. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. For more information, visit www.fwd.com. The original release is available at www.newmediawire.com.
