FWD Group Holdings Limited (FWD) reported solid first-quarter new-business momentum for the three months ended 31 March 2026, underscoring the benefits of its diversified pan-Asian footprint and multi-channel distribution model.
New-business sales, measured on an annualised premium equivalent (APE) basis, rose 4.00% year on year to US$720.00 million, building on a 46.00% surge in the prior-year comparable. The increase was powered chiefly by Japan and the Expansion Markets of Indonesia, Malaysia, the Philippines, Singapore and Vietnam, while Hong Kong & Macau produced stable growth despite a record 2025 base.
Profitability improved markedly. New-business contractual service margin (NB CSM) expanded 18.00% to US$556.00 million as margin widened 9.00 percentage points to 78.40%, driven by a more favourable product mix and operating-expense leverage. Value of new business (VNB) climbed 7.00% to US$314.00 million, with margin edging up to 43.50%. Excluding the drag from lower Thai interest rates, VNB growth was approximately 15.00%.
Geographically, Japan’s sales advanced 22.00%, benefitting from 2025’s strategic entry into single-premium retirement and savings products, while Expansion Markets posted a 28.00% increase on strong brokerage, IFA and bancassurance contributions. Hong Kong & Macau recorded a 1.00% rise, underpinned by resilient onshore demand and continued strength in the high-net-worth focused FWD Private channel. Thailand & Cambodia contracted 6.00% amid a low-rate environment and the group’s ongoing shift toward higher-quality business.
By distribution channel, bancassurance remained the largest contributor, generating 41.00% of APE, followed by brokerage/IFA at 38.00% and agency at 15.00%.
Management highlighted stable normalised capital generation and a sound group solvency position under the local capital summation method, inclusive of Japan’s Economic Value-based Solvency Regulation.
Looking ahead, the company expects full-year new-business sales to maintain current momentum, while first-quarter margin gains are projected to normalise as seasonal factors subside. FWD continues to leverage artificial-intelligence-enabled digital tools, its broad distribution network and rising middle-class demand across Asia to underpin long-term embedded-value growth.