FWD Group Holdings Limited (“FWD Group” or “FWD”) reported strong new business growth for the nine months ended 30 September 2025, with new business sales up 37% to US$1.935 billion on an annualised premium equivalent (APE) basis compared to the same period in 2024. The new business contractual service margin reached US$1.158 billion, reflecting year-on-year growth of 27%. These results underscore FWD's ability to generate value through organic growth across its 10 Asian markets.
In a strategic move to enhance financial strength, FWD refinanced US$1.15 billion of debt in September and redeemed US$500 million of debt, primarily using proceeds from its recent initial public offering (IPO). This reduced leverage to 21.8% on a proforma basis as at 30 June 2025, and lowered annualised financing costs by approximately US$72 million. The actions demonstrate FWD's commitment to improving its balance sheet and reducing financing expenses, benefiting shareholders and positioning the company for accelerated growth.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “We’re thrilled to report strong new business results, powered by organic growth across most of the 10 Asian markets where FWD Group operates. A positive indicator of value creation for our shareholders is the surge in our new business contractual service margin, which continues to strengthen our CSM balance and boost earnings over time.” He added that the successful IPO and debt market opportunities have enabled significant progress in reducing overall debt.
Exceptional demand from both local and visiting customers drove strong new business growth in Hong Kong SAR & Macau SAR. In Emerging Markets, strong double-digit growth in new business sales reflected momentum in Singapore, Malaysia, the Philippines, and FWD’s joint venture in Indonesia, BRI Life. In Japan, growth was supported by solid performance in the individual protection business and the company’s recent entry into the retirement and savings market. However, the low-interest rate environment continued to weigh on new business indicators in the Thailand & Cambodia reporting segment.
FWD Group has introduced over 40 new products in 2025 to meet rapidly evolving customer needs for protection, health, and savings. The company’s customer-led and tech-enabled approach aims to deliver innovative propositions and a simpler insurance experience. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828. For more information, visit www.fwd.com.
