FWD Group Holdings Limited announced its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, reporting a record net profit of US$166 million under IFRS 17, a six-fold increase from 2024. The company attributed the strong performance to successful execution of its customer-led strategy and digitally enabled business model, with new business sales rising 25% to US$2.446 billion on an annualised premium equivalent basis. New business contractual service margin grew 18% to US$1.476 billion, reflecting higher-quality growth.
Operating profit after tax increased 5% to US$499 million, with positive contributions from all four geographic segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. The Hong Kong SAR & Macau SAR segment delivered an outstanding performance, while Japan saw solid results as FWD began diversifying beyond protection into retirement and savings with a yen-denominated variable annuity product. In Thailand, the company remains a market leader despite headwinds from lower interest rates and the exit from the corporate care segment. The Emerging Markets segment delivered excellent growth, benefiting from long-term demographic and digital adoption trends.
Key shareholder value metrics improved significantly: comprehensive tangible equity rose 18% to US$8.72 billion, and group embedded value increased 19% to US$6.85 billion. The leverage ratio reduced to 21.3%, approaching the target range of 15-20%, and FWD maintained a strong capital position with a 265% solvency ratio. The company achieved operating cash flow positivity for the second consecutive year.
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 its shares. It was also included in the MSCI Hong Kong Small Cap Index in February 2026. These inclusions enhance the company's visibility and liquidity in capital markets.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, said, '2025 was a stand-out year for FWD Group. Record financial results were achieved. And of course, we began trading as a publicly listed company, following our July 2025 initial public offering.' Looking ahead, FWD remains focused on executing its strategy with customers at the heart of operations in high-growth Asian markets, emphasising long-term sustainability and profitability.
For more information, visit www.fwd.com.
