FWD Group Holdings Limited announced its first set of full-year financial results as a Hong Kong listed company, reporting significant growth in new business sales and profits for the year ending December 31, 2025.
The company reported a 25% increase in new business sales, reaching $2.446 billion on an annualized premium equivalent basis compared to 2024. The new business contractual service margin grew by 18% to $1.476 billion.
Operating profit after tax rose by 5% to $499 million, with contributions from all four geographic segments: Hong Kong SAR & Macau SAR, Thailand & Cambodia, Japan, and Emerging Markets. The company achieved a record net profit of $166 million under IFRS 17 and maintained a positive operating cash flow for the second consecutive year.
FWD Group's leverage ratio decreased to 21.3%, nearing its target range of 15-20%. Comprehensive tangible equity increased by 18% to $8.72 billion, and group embedded value rose by 19% to $6.85 billion. The company maintained a strong capital position with a 265% solvency ratio.
In December 2025, FWD Group was added to the Hang Seng Composite Index and the Stock Connect program's eligible securities list, facilitating southbound trading for Mainland Chinese investors. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026.
Group CEO Huynh Thanh Phong described 2025 as a standout year, highlighting the successful execution of a customer-led strategy supported by a digitally enabled business model. He noted the achievement of record financial results and the company's transition to a publicly listed entity following its July 2025 initial public offering.
The company's performance was driven by organic growth across its 10 Asian markets, with particularly strong results in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying into the retirement and savings sector, launching a yen-denominated single premium variable annuity product.
In Thailand, FWD remains a market leader despite challenges from a lower rate environment and the 2024 exit from underwriting new business in the corporate care segment. The Emerging Markets segment, comprising five Southeast Asian markets, showed excellent growth aligned with demographic, wealth creation, and digital adoption trends.
Looking ahead to 2026, Huynh Thanh Phong emphasized the company's focus on executing its strategy in high-growth Asian markets, prioritizing long-term sustainability and profitability.
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