FWD Group Holdings Limited announced record full-year results for 2025, marking its first financial report as a Hong Kong listed company since its July 2025 initial public offering. The pan-Asian life and health insurance business delivered a six-fold increase in net profit to US$166 million, with significant improvements across key financial metrics including shareholder value creation, capital position, and cash flow generation.
The company's strong performance was driven by organic growth across most of its 10 Asian markets, with new business sales increasing 25 percent to US$2.446 billion on an annualised premium equivalent basis. Operating profit after tax grew five percent to US$499 million, with positive contributions from all four geographic reporting segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. This consistent performance across diverse markets demonstrates the resilience of FWD's business model in varying economic conditions.
Shareholder value creation saw substantial improvement, with comprehensive tangible equity increasing 18 percent to US$8.72 billion and Group embedded value growing 19 percent year-on-year to US$6.85 billion. The company maintained a strong capital position with a 265 percent solvency ratio while reducing its leverage ratio to 21.3 percent, approaching its target range of 15-20 percent. For the second consecutive year, FWD Group was operating cash flow positive as of 31 December 2025, indicating sustainable financial health.
The Hong Kong SAR & Macau SAR segment delivered particularly outstanding performance, while Japan showed solid results as FWD began diversifying beyond protection business into retirement and savings with its first yen-denominated single premium variable annuity product. Despite headwinds from a lower rate environment and the 2024 exit from underwriting new corporate care business, FWD remains well positioned for quality growth in Thailand, where it is an established market leader. The Emerging Markets segment, comprising five Southeast Asian markets, delivered excellent growth consistent with regional demographic, wealth creation, and digital adoption trends.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, stated that 2025 was a stand-out year for FWD Group, with the company successfully executing its customer-led strategy underpinned by a digitally enabled business model. The listing on the Hong Kong Stock Exchange fulfilled a long-held objective to ensure full capital market access as a foundation for future development. In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, where Mainland Chinese investors connect via the Shanghai Stock Exchange and Shenzhen Stock Exchange with Hong Kong market opportunities. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026.
These developments are significant for investors and the insurance industry as they demonstrate FWD's successful transition to a publicly listed company while maintaining strong growth momentum. The inclusion in major indices and the Stock Connect programme increases visibility and accessibility for international and Mainland Chinese investors, potentially enhancing liquidity and valuation. For the broader Asian insurance market, FWD's performance indicates continued growth opportunities in the region's developing economies, particularly through digital adoption and product diversification. The company's focus on long-term sustainability and profitability while operating in high-growth Asian markets positions it to capitalize on demographic trends and increasing insurance penetration across the region. More information about the company is available at https://www.fwd.com.
