FWD Group Holdings Limited (1828.HK) announced its first set of full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, reporting record financial performance driven by profitable growth, improved capital generation, and positive operating cash flow.
New business sales rose 25 percent to US$2.446 billion on an annualised premium equivalent (APE) basis compared to 2024. New business contractual service margin (CSM) reached US$1.476 billion, up 18 percent year-on-year. Operating profit after tax increased five percent to US$499 million, with positive contributions from all four geographic segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.
Net profit of US$166 million is a record under IFRS 17, representing a six-fold increase on an actual exchange rate basis. For the second consecutive year, FWD Group was operating cash flow positive as of 31 December 2025. The leverage ratio improved to 21.3 percent, approaching the company's target range of 15-20 percent.
Key indicators of shareholder value creation increased significantly: comprehensive tangible equity (CTE) rose 18 percent to US$8.72 billion compared to 31 December 2024, and group embedded value (EV) grew 19 percent to US$6.85 billion. The company maintained a strong capital position with a 265 percent solvency ratio on a prescribed capital requirement 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 FWD shares via the Shanghai and Shenzhen stock exchanges. 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, 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 an 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, despite headwinds from a lower rate environment and the 2024 exit from corporate care, FWD remains well positioned to grow quality new business. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic and digital adoption trends in Southeast Asia.
For more information, visit www.fwd.com. View the original release on www.newmediawire.com.
