FWD Group (01828) reported a 7% year-on-year increase in new business value for the first quarter at constant exchange rates, aligning with Morgan Stanley's projection of 6% growth. Emerging markets and Japan served as the primary growth drivers, while the Hong Kong market still achieved 1% growth despite a very high base of comparison. In Thailand, the annualized premium equivalent for the first quarter declined by 6% year-on-year; however, management anticipates full-year growth will still be achieved. Excluding the impact of low interest rates in Thailand, the group's new business value growth reached 15%. Morgan Stanley views FWD's first-quarter performance as meeting expectations, with growth momentum and operational quality continuing to improve. The firm maintains an "Overweight" rating on FWD with a target price of HK$42.5.