FWD Group Holdings Limited (1828.HK) announced its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, reporting record net profit of US$166 million, a six-fold increase from the prior year. The strong performance was driven by a 25% rise in new business sales to US$2.446 billion on an annualised premium equivalent (APE) basis, and new business contractual service margin (CSM) growth of 18% to US$1.476 billion.
Operating profit after tax increased 5% to US$499 million, with positive contributions from all four geographic reporting segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. The company achieved operating cash flow positivity for the second consecutive year, and its leverage ratio improved to 21.3%, approaching the target range of 15-20%. Key shareholder value indicators also strengthened significantly: comprehensive tangible equity (CTE) rose 18% to US$8.72 billion, and group embedded value (EV) increased 19% to US$6.85 billion. The solvency ratio remained robust at 265% on a prescribed capital requirement basis.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, said, “2025 was a stand-out year for FWD Group. We successfully executed our customer-led strategy, underpinned by our digitally enabled business model. Record financial results were achieved. And of course, we began trading as a publicly listed company, following our July 2025 initial public offering. This fulfilled a long-held objective to ensure FWD Group has full capital market access, as a solid foundation for our future development and growth.”
The results were driven by organic growth across most of the 10 Asian markets where FWD operates, with an outstanding performance in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into the retirement and savings segment with the launch of a yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from corporate care underwriting, FWD remains well positioned as an established market leader. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic, wealth creation, and digital adoption trends in the region.
In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, enabling mainland Chinese investors to trade the stock via southbound trading mechanisms. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. For more information, visit www.fwd.com.
“With 2026 already underway, we remain firmly focused on executing our strategy as we build for the future - operating with customers at the heart of everything we do in high-growth Asian markets, with a focus on long-term sustainability and profitability,” added Huynh Thanh Phong.
