FWD Group Holdings Limited (“FWD Group” or “FWD”) announced interim results for the six months ended 30 June 2026, reporting a record net profit after tax of US$172 million, a three-fold increase from the first half of 2025. The company's earnings per share stood at US$0.13. This performance underscores the effectiveness of FWD's diversified geographic footprint and multi-channel distribution model, which have been key drivers of sustained growth and profitability.
New business sales rose seven per cent to US$1.35 billion on an annualised premium equivalent (APE) basis, with new business contractual service margin increasing 25 per cent year-on-year to US$996 million. Operating profit after tax grew 20 per cent to US$298 million, with positive contributions from all four reportable segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Expansion Markets. This broad-based growth highlights the resilience of FWD's business model amid varying market conditions.
Shareholder value creation indicators also trended positively. Comprehensive tangible equity rose five per cent to US$8.83 billion, and Group embedded value increased five per cent to US$6.95 billion compared to 31 December 2025. FWD Group retained a strong solvency ratio of 203 per cent, even after adopting economic value-based solvency regulation in Japan, demonstrating robust capital management.
In May, FWD announced a key hire for its high-net-worth (HNW) business, which serves the global HNW insurance market with diversified asset allocation, wealth management, and legacy planning. This strategic move positions the company to capitalise on the growing demand for sophisticated insurance solutions among affluent clients.
Additionally, in July, FWD received the ISO/IEC 42001 certification from the International Organisation for Standardisation/International Electrotechnical Commission for the development, procurement, deployment, and use of artificial intelligence (AI) systems. This recognition reflects the growing maturity and responsible use of AI at FWD, enhancing operational efficiency and customer experience.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, commented, “FWD Group had a very strong start to our first full year as a listed company. Once again, we’ve demonstrated our ability to sustain growth, and to convert that growth into rising bottom-line profitability, while expanding margins. This was driven by the diversification built into our geographic footprint and multi-channel distribution model over the past 13 years, as well as a capital structure that positions FWD Group well for the future.”
In Hong Kong SAR, the company's home market, momentum continued despite record prior-year growth, supported by resilient domestic demand and the city's role as one of the world's largest cross-border wealth hubs. Japan experienced excellent growth, driven by the expansion into the savings and retirement needs segment in July 2025, complementing its existing protection business as a rapidly ageing society fuels the longevity economy. In Thailand, the focus on profitable new business continued through its market-leading exclusive bancassurance partnership with Siam Commercial Bank and agency distribution channels. The transition to a new Chief Executive Officer for Thailand was completed in May when Khun Knattapisit Krutkrongchai joined the company. Strong growth in Expansion Markets – comprising Indonesia, Malaysia, the Philippines, Singapore, and Vietnam – was achieved despite macroeconomic uncertainty in some countries.
Across the region, 21 new products were introduced in the first half of 2026 in response to emerging customer needs. The FWD Group consumer outlook survey released in February 2026, prior to the outbreak of conflict in the Middle East and the associated global energy economic shocks, showed that most of Asia's middle-class feel financially anxious and underprepared for retirement. This insight underscores the importance of FWD's customer-led approach in addressing the financial security needs of millions.
These results demonstrate FWD Group's strong track record as a listed company serving more than 40 million customers across 10 markets in Asia. The company remains heavily focused on anchoring around the customer, aided by the golden age of transformational technological innovation. With a solid capital position and strategic initiatives in place, FWD Group is well-positioned for continued growth and value creation.
