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, reporting record net profit of US$166 million — a six-fold increase from the previous year. The strong performance was underpinned by a 25% rise in new business sales to US$2.446 billion on an annualised premium equivalent (APE) basis, and an 18% increase in new business contractual service margin (CSM) to US$1.476 billion.
Operating profit after tax grew 5% to US$499 million, with positive contributions from all four geographic reporting segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. The company also achieved operating cash flow positivity for the second consecutive year as of 31 December 2025. The leverage ratio improved to 21.3%, approaching the company’s target range of 15-20%.
Key indicators of shareholder value creation showed significant growth. Comprehensive tangible equity (CTE) rose 18% to US$8.72 billion, while Group embedded value (EV) increased 19% year-on-year to US$6.85 billion. The company maintained a strong capital position with a 265% solvency ratio on a prescribed capital requirement (PCR) basis.
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 company’s shares via southbound trading. The company 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 results were driven by organic growth across most of the 10 Asian markets where FWD operates, with a particularly outstanding performance in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into the retirement and savings segment with its first yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from underwriting new business in the corporate care segment, FWD remains well positioned to grow quality new business. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic, wealth creation, and digital adoption trends in the 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.
For more information, please visit www.fwd.com.
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