Morgan Stanley released a research report stating that FWD (01828) maintained robust growth in new business sales during the third quarter, alongside improved leverage ratios. Through refinancing, the company successfully reduced annual debt costs by approximately $72 million, lowering its leverage ratio from 23.7% (H1 reported basis) to 21.8% by the end of September.

For the first nine months, FWD achieved a 37% year-on-year growth in annualized premium equivalent (APE), with new business value rising 17% and new business contractual service margin (CSM) profit increasing 27%. However, these figures reflect a slowdown compared to H1 growth rates of 38%, 21%, and 34%, respectively.

Hong Kong and Macau remained the strongest-performing markets, posting 85% APE growth, though this decelerated from 103% in H1. Morgan Stanley maintains an "Overweight" rating on FWD with a target price of HK$46.5.