FWD Group posts strong growth in new business profitability
Product diversification and higher-margin business drive strong performance across Asian markets.
FWD Group Holdings Limited reported strong growth in new business profitability for the nine months ended 30 September 2026, supported by product diversification and a focus on higher-margin business across its pan-Asian operations.
New business contractual service margin (CSM) rose 22 per cent year on year to US$1.4 billion, while value of new business (VNB) increased 18 per cent to US$878 million.
New business sales reached US$1.95 billion on an annualised premium equivalent (APE) basis, with growth achieved despite a strong comparative period in 2025, particularly in Hong Kong and Macau.
FWD attributed the improvement in profitability partly to a shift in product mix, particularly in Hong Kong, where medium-term endowment products featured prominently in sales during the previous year.
“Disciplined execution, margin expansion, and diversification across our pan-Asian platform are driving profitable growth, as we continue to innovate for customers while delivering strong results to shareholders,” said Huynh Thanh Phong, Group Chief Executive Officer and Executive Director.
In Thailand, the group returned to new business sales growth in the latest quarter, supported by higher-margin products and a refreshed distribution strategy, partly offset by a prolonged lower interest-rate environment.
Strong investment-linked product sales in Singapore
Japan delivered strong growth in new business sales and profitability, driven by demand for savings and retirement products amid a higher interest-rate environment.
In its Expansion Markets segment, FWD reported strong investment-linked product sales in Singapore, increased sales to affluent customers in the Philippines and continued digital channel momentum in Malaysia. Its Indonesian joint venture, BRI Life, continued to lead the market in bancassurance.
The group's high-net-worth business, FWD Private, is also targeting growing demand for international cross-border wealth management solutions.
The results come during FWD's first year as a listed company. In October, the insurer received several industry awards recognising its investor engagement and corporate reporting, including the Outstanding Listed Companies Award 2026 and awards from the Hong Kong Management Association and International ARC Awards.
Looking ahead, FWD sees significant opportunities in Asia's protection, savings and wealth management markets.
“Asia's long-term protection, savings, and wealth opportunities remain significant, and we are well positioned to help more people to celebrate living with greater financial confidence,” Phong said.
FWD Group is a pan-Asian life and health insurer serving more than 40 million customers across 10 markets, including Indonesia through BRI Life.
