Morgan Stanley: FWD (01828) Reports Strong New Business Performance in Q3, Maintains "Overweight" Rating

Stock News

Nov 04

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.

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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.</p>\n<p>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.</p>\n<p>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.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: FWD (01828) Reports Strong New Business Performance in Q3, Maintains \"Overweight\" Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: FWD (01828) Reports Strong New Business Performance in Q3, Maintains \"Overweight\" Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2025-11-04 16:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>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.</p>\n<p>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.</p>\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1184","symbol_name":"人寿与健康保险","start_time":0,"source_url":"","article_id":"1144956893","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1144956893","pubTimestamp":1762245498,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"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,...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1184":"人寿与健康保险","01828":"富卫集团"},"translate_title":"大摩：富卫(01828)Q3新业务表现强劲维持“跑赢大盘”评级","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01828":1},"content_text":"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.\nFor 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%. 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