FWD Group Holdings Limited (1828.HK) announced a record net profit after tax of US$172 million for the first half of 2026, a three-fold increase compared to the same period in 2025. The company's operating profit after tax rose 20% to US$298 million, with positive contributions from all four reportable segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Expansion Markets. This performance underscores FWD's ability to sustain growth and convert it into rising bottom-line profitability while expanding margins, driven by its diversified geographic footprint and multi-channel distribution model.
New business sales reached US$1.35 billion on an annualised premium equivalent (APE) basis, up 7% from the prior year. The new business contractual service margin grew 25% to US$996 million, indicating strong future profitability. Shareholder value creation indicators also trended positively: comprehensive tangible equity increased 5% to US$8.83 billion, and Group embedded value rose 5% to US$6.95 billion compared to 31 December 2025. FWD retained a robust solvency ratio of 203% after adopting economic value-based solvency regulation in Japan.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, commented, "FWD Group had a very strong start to our first full year as a listed company. Once again, we've demonstrated our ability to sustain growth and to convert that growth into rising bottom-line profitability, while expanding margins. This was driven by the diversification built into our geographic footprint and multi-channel distribution model over the past 13 years, as well as a capital structure that positions FWD Group well for the future."
In Hong Kong SAR, momentum continued despite record prior-year growth, supported by resilient domestic demand and the city's status as a major cross-border wealth hub. Japan saw excellent growth, driven by the expansion into savings and retirement needs in July 2025, complementing its existing protection business in a rapidly ageing society. Thailand focused on profitable new business through its exclusive bancassurance partnership with Siam Commercial Bank and agency channels. The transition to a new CEO for Thailand was completed in May with Khun Knattapisit Krutkrongchai. Strong growth in Expansion Markets (Indonesia, Malaysia, the Philippines, Singapore, and Vietnam) was achieved despite macroeconomic uncertainty in some countries.
Across the region, FWD introduced 21 new products in H1 2026 in response to emerging customer needs. The company also announced a key hire in May for its high-net-worth (HNW) business, which serves the global HNW insurance market with diversified asset allocation, wealth management, and legacy planning. In July, FWD received globally recognised certification for the development, procurement, deployment, and use of artificial intelligence (AI) systems, achieving the ISO/IEC 42001 standard from the International Organisation for Standardisation/International Electrotechnical Commission.
These results are the latest example of the strong track record FWD is building as a listed company serving more than 40 million customers across 10 markets in Asia. The company remains heavily focused on anchoring around the customer, aided by transformational technological innovation.
