FWD Group Holdings Limited (1828.HK) announced its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, reporting record financial performance with significant improvements in profitability, capital position, and shareholder value creation. The company posted a net profit of US$166 million, a six-fold increase from the prior year on an actual exchange rate basis, driven by strong organic growth across most of 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) reached US$1.476 billion, up 18% year-on-year. 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 achieved operating cash flow positivity for the second consecutive year and reduced its leverage ratio to 21.3%, approaching its target range of 15-20%.
Key indicators of shareholder value creation improved markedly, with comprehensive tangible equity (CTE) rising 18% to US$8.72 billion and Group embedded value (EV) increasing 19% to US$6.85 billion compared to 31 December 2024. The solvency ratio remained strong at 265% 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, enhancing access for Mainland Chinese investors. 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, with a particularly outstanding performance in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into retirement and savings with its first yen-denominated single premium variable annuity product. In Thailand, the company remains well positioned for quality growth despite headwinds from a lower rate environment and the 2024 exit from underwriting new business in the corporate care segment. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic, wealth creation, and digital adoption trends in Southeast Asia.
“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, visit www.fwd.com. The original press release can be viewed at www.newmediawire.com.
