FWD Group Holdings Limited (“FWD Group” or “FWD”) announced a record net profit after tax of US$172 million for the first half of 2026, a three-fold increase compared to the same period in 2025. The company's operating profit after tax rose 20% to US$298 million, with positive contributions from all four reportable segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Expansion Markets. Earnings per share stood at US$0.13.
New business sales increased by 7% to US$1.35 billion on an annualised premium equivalent (APE) basis, while new business contractual service margin grew 25% year-on-year to US$996 million. Shareholder value creation indicators also trended positively, with comprehensive tangible equity up 5% to US$8.83 billion and Group embedded value up 5% to US$6.95 billion compared to 31 December 2025. FWD Group retained a strong solvency ratio of 203% after adopting economic value-based solvency regulation in Japan.
The company highlighted key strategic initiatives, including a key hire in May for its high-net-worth (HNW) business, which serves the global HNW insurance market with diversified asset allocation, wealth management, and legacy planning. In July, FWD Group received the ISO/IEC 42001 certification for the responsible use of artificial intelligence (AI) systems, reflecting the growing maturity of its AI capabilities.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “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 a major cross-border wealth hub. Japan saw excellent growth driven by the expansion into the savings and retirement needs segment in July 2025, complementing its existing protection business as the ageing society fuels the longevity economy. Thailand focused on profitable new business through its exclusive bancassurance partnership with Siam Commercial Bank and agency channels, with a new CEO, Khun Knattapisit Krutkrongchai (KK), joining in May. Expansion Markets, comprising Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, achieved strong growth despite macroeconomic uncertainty in some countries.
Across the region, FWD Group introduced 21 new products in the first half of 2026 in response to emerging customer needs. The FWD Group consumer outlook survey released in February 2026 showed that most of Asia's middle-class feel financially anxious and underprepared for retirement, underscoring the importance of the company's customer-led approach.
These results underscore FWD Group's ability to sustain growth and convert it into rising profitability, driven by its diversified footprint and multi-channel distribution model. The company serves over 40 million customers across 10 markets in Asia and is listed on the Hong Kong Stock Exchange under the stock code 1828. For more information, visit www.fwd.com.
