FWD Group Holdings Limited announced record full-year financial results for 2025, marking its first year as a publicly listed company on the Hong Kong Stock Exchange. The company reported a net profit of US$166 million, representing a six-fold increase compared to the previous year, while operating profit after tax grew five percent to US$499 million. These results demonstrate FWD's successful execution of its customer-led strategy across Asia's insurance markets.
The company's financial strength is reflected in several key metrics. Comprehensive tangible equity increased 18 percent to US$8.72 billion, while Group embedded value grew 19 percent year-on-year to US$6.85 billion. FWD maintained a strong capital position with a 265 percent solvency ratio and reduced its leverage ratio to 21.3 percent, approaching the company's target range of 15-20 percent. For the second consecutive year, FWD Group was operating cash flow positive as of 31 December 2025.
New business sales showed significant momentum, increasing 25 percent to US$2.446 billion on an annualised premium equivalent basis. The new business contractual service margin reached US$1.476 billion, representing 18 percent year-on-year growth. All four geographic reporting segments contributed positively to operating profit: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, stated, "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." The company's listing provided full capital market access, creating a solid foundation for future development and growth.
The strong performance was driven by organic growth across most of the 10 Asian markets where FWD operates. The Hong Kong SAR & Macau SAR segment delivered particularly outstanding results, while Japan showed solid performance as FWD began diversifying beyond protection business into retirement and savings with its first yen-denominated single premium variable annuity product. Despite headwinds from a lower rate environment, FWD remains well positioned to grow quality new business in Thailand, where it is an established market leader. The Emerging Markets segment, comprising five Southeast Asian markets, delivered excellent growth consistent with longer-term demographic, wealth creation, and digital adoption trends in the region.
Market recognition of FWD's performance came through several important inclusions. In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, which allows Mainland Chinese investors to access Hong Kong market opportunities via southbound trading. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. These developments increase the company's visibility and accessibility to investors.
Looking forward, Huynh Thanh Phong emphasized the company's continued focus on executing its strategy: "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." The company's performance demonstrates the potential of Asia's insurance markets and FWD's ability to capitalize on demographic and digital trends across the region. For more information about FWD Group, visit https://www.fwd.com.
