FWD Group Holdings Limited (1828.HK) on March 15, 2026, reported its first full-year results as a publicly listed company, posting a record net profit of US$166 million for the 12 months ended December 31, 2025 — a six-fold increase from the prior year on an actual exchange rate basis. The results underscore the company's successful execution of its customer-led strategy and digitally enabled business model across 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) grew 18% to US$1.476 billion. 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 also delivered significant shareholder value creation, with comprehensive tangible equity (CTE) up 18% to US$8.72 billion and Group embedded value (EV) up 19% year-on-year to US$6.85 billion. FWD maintained a strong capital position with a solvency ratio of 265% on a prescribed capital requirement (PCR) basis, while its leverage ratio improved to 21.3%, approaching the target range of 15-20%.
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.” He highlighted the company's July 2025 initial public offering and subsequent inclusion in the Hang Seng Composite Index and Stock Connect programme in December 2025, as well as the MSCI Hong Kong Small Cap Index in February 2026, as milestones that provide full capital market access for future growth.
The strong performance was led by organic growth across most markets, with an outstanding result in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into retirement and savings with the launch of a yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from underwriting new corporate care business, FWD remains well positioned as an established market leader. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic and digital adoption trends in Southeast Asia.
For the second consecutive year, FWD Group was operating cash flow positive as of December 31, 2025. The company serves more than 38 million customers across 10 markets, including BRI Life in Indonesia. For more information, visit www.fwd.com.
