FWD Group Holdings Limited (1828.HK) today announced its first full-year results as a Hong Kong listed company, reporting a record net profit of US$166 million for the 12 months ended 31 December 2025, a six-fold increase year-on-year. The strong performance was underpinned by 25% growth in new business sales to US$2.446 billion on an annualised premium equivalent (APE) basis, and an 18% rise in new business contractual service margin (CSM) to US$1.476 billion. 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 results highlight significant shareholder value creation, with comprehensive tangible equity (CTE) rising 18% to US$8.72 billion and Group embedded value (EV) increasing 19% to US$6.85 billion. The company's leverage ratio improved to 21.3%, approaching its target range of 15-20%, and it maintained a strong capital position with a 265% solvency ratio. For the second consecutive year, FWD Group was operating cash flow positive as of 31 December 2025.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, 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 strong 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 retirement and savings, launching a yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from the corporate care segment, FWD remains well positioned for quality growth. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic and digital adoption trends.
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 access Hong Kong market opportunities. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. For more information, visit www.fwd.com.
