Fitch Ratings has changed FWD Group Holdings' (HKG:1828) outlook to positive from stable, according to a recent release.

The rating agency has also maintained the company's BBB+ issuer default rating and A(Strong) insurer financial strength ratings, among other ratings.

The positive outlook stems from Fitch's view that the group's profitability and capital adequacy will be further bolstered, especially with reduced leverage and better flexibility from refinancing activities.

The company reported net profit of $39 million in the first half of 2025, following its first-time net profit of $10 million in 2024, Fitch said.

The results were due to growth in the value of new business (VNB) and new business contractual service margin (CSM), Fitch said.

The company's consolidated capital score also remained in the "extremely strong" category as of end-June, with a greater capital adequacy ratio of 283%, the rating agency said.

Notable changes in the company's capitalization, leverage, or financial metrics, especially in terms of VNB, could prompt future rating actions.