FWD Group Holdings Limited (1828.HK) reported its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, posting a record net profit of US$166 million, a six-fold increase from the prior year. The company also reported strong growth in new business sales, which rose 25% to US$2.446 billion on an annualised premium equivalent (APE) basis, and new business contractual service margin (CSM) increased 18% to US$1.476 billion.
Operating profit after tax grew 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 company achieved operating cash flow positivity for the second consecutive year and reduced its leverage ratio to 21.3%, approaching its target range of 15-20%. Comprehensive tangible equity (CTE) increased 18% to US$8.72 billion, and Group embedded value (EV) rose 19% to US$6.85 billion, significantly enhancing shareholder value. The solvency ratio remained strong at 265% on a prescribed capital requirement (PCR) basis.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director, 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 a standout performance in Hong Kong SAR & Macau SAR. In Japan, FWD began diversifying beyond its protection business into retirement and savings with its first yen-denominated single premium variable annuity product. In Thailand, despite headwinds from a lower rate environment and the 2024 exit from corporate care, FWD remains well positioned for quality new business growth. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic, wealth creation, and digital adoption trends in the region.
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.
“With 2026 already underway, we remain firmly focused on executing our strategy as we build for the future - operating with customers at the heart of everything we do in high-growth Asian markets, with a focus on long-term sustainability and profitability,” added Huynh Thanh Phong. For more information, visit www.fwd.com. The original release can be viewed at www.newmediawire.com.
