FWD Group Holdings Limited (01828.HK) released its first full-year results as a listed company, reporting record profitability and stronger capital metrics for the year ended 31 December 2025.
Financial Highlights • Net profit surged to US$166.00 million, up more than six-fold from 2024, marking the insurer’s second consecutive IFRS-17 profit. • Operating profit after tax grew 5.00 % to US$499.00 million, with every geographic segment contributing positively. • New-business sales (APE) climbed 25.00 % to US$2.45 billion; new-business contractual service margin (NB-CSM) rose 18.00 % to US$1.48 billion. • Value of new business advanced 11.00 % to US$945.00 million; NB margin stood at 38.60 % of APE. • Group embedded value (EV) increased 19.00 % year-on-year to US$6.85 billion, while comprehensive tangible equity (CTE) gained 18.00 % to US$8.72 billion. • Adjusted net worth reached US$3.29 billion; free surplus rose by US$701.00 million to US$1.37 billion. • Group solvency ratio strengthened to 265 % (PCR basis); leverage ratio dropped to 21.30 %.
Segment Performance • Hong Kong & Macau: APE up 51.00 % to US$1.21 billion; NB-CSM up 64.00 % to US$684.00 million, driven by strong onshore, offshore and high-net-worth demand. • Thailand & Cambodia: APE fell 6.00 % to US$577.00 million amid lower interest rates, but OPAT grew 18.00 % to US$187.00 million. • Japan: APE increased 11.00 % to US$132.00 million; NB-CSM rose 10.00 % to US$213.00 million, supported by entry into the yen-denominated single-premium annuity market. • Emerging Markets (Philippines, Indonesia, Singapore, Vietnam, Malaysia): APE advanced 27.00 % to US$529.00 million; OPAT edged up 2.00 % to US$34.00 million.
Capital & Liquidity Actions • July 2025 IPO raised HK$3.61 billion (≈US$466.00 million). • September 2025 issuance of two subordinated dated capital securities totalling US$1.15 billion; proceeds plus IPO funds refinanced US$900.00 million notes and redeemed US$750.00 million perpetual securities, cutting annual debt-servicing costs by US$72.00 million. • Net underlying free surplus generation reached US$857.00 million, up 20.00 %.
Balance-Sheet Strength • Total assets grew to US$62.36 billion (↑ 16.10 %); total liabilities to US$55.49 billion. • Debt-to-capital leverage neared the 15-20 % target range after refinancing and perpetual-security redemption.
Strategic & Operational Updates • Added to Hang Seng Composite Index and Southbound Stock Connect in December 2025; included in MSCI Hong Kong Small Cap Index in February 2026. • Continued technology focus with 300+ active AI models; named core participant in Hong Kong IA’s AI cohort programme. • Agency force exceeded 40,000; bancassurance network spans 33 partners with access to over 350 million customers.
Dividend • The Board did not recommend a final dividend for 2025.
Outlook Management targets sustained profitable growth, further capital optimisation and selective tech investment, reaffirming its focus on “customer-led, digitally enabled” expansion across Asia’s high-growth life and health insurance markets.