FWD Group Holdings Limited (“FWD Group” or “FWD”) announced its interim results for the six months ended 30 June 2026, reporting a record net profit after tax of US$172 million, a three-fold increase compared to the first half of 2025. This significant profit surge underscores the company's ability to convert growth into bottom-line profitability, a key indicator for investors and the broader insurance industry in Asia.
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. New business sales increased 7% to US$1.35 billion on an annualised premium equivalent (APE) basis, while new business contractual service margin grew 25% to US$996 million. These figures reflect sustained momentum across FWD's diversified geographic footprint and multi-channel distribution model.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, attributed the strong results to the diversification built into the company's operations over the past 13 years and a robust capital structure. He noted, “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.”
Shareholder value creation indicators also trended positively, with comprehensive tangible equity up 5% to US$8.83 billion and Group embedded value up 5% to US$6.95 billion compared to 31 December 2025. FWD Group retained a solvency ratio of 203% after adopting economic value-based solvency regulation in Japan, underscoring its financial stability and capacity for future growth.
The company's strategic initiatives continue to bolster its market position. In May, FWD announced a key hire for its high-net-worth (HNW) business, which serves the global HNW insurance market with diversified asset allocation, wealth management, and legacy planning. Additionally, in July, FWD received globally recognised certification for its responsible use of artificial intelligence, achieving the ISO/IEC 42001 standard from the International Organisation for Standardisation/International Electrotechnical Commission. This certification reflects the growing maturity of FWD's AI systems, which are integral to its customer-led and tech-enabled approach.
Geographically, the company saw excellent growth in Japan, driven by its expansion into the savings and retirement needs segment in July 2025, complementing its existing protection business as Japan's rapidly ageing society fuels the longevity economy. In its home market of Hong Kong SAR, momentum continued despite record prior-year growth, supported by resilient domestic demand and the city's role as one of the world's largest cross-border wealth hubs. In Thailand, the focus on profitable new business continued through its market-leading exclusive bancassurance partnership with Siam Commercial Bank and agency channels, with the transition to a new CEO completed in May. Strong growth was also achieved in Expansion Markets – comprising Indonesia, Malaysia, the Philippines, Singapore, and Vietnam – despite macroeconomic uncertainty in some countries.
Across the region, FWD introduced 21 new products in the first half of 2026 in response to emerging customer needs. The company's consumer outlook survey released in February 2026, prior to the outbreak of conflict in the Middle East and associated global energy economic shocks, showed that most of Asia's middle-class feel financially anxious and underprepared for retirement. This insight highlights the importance of FWD's mission to change the way people feel about insurance and address financial preparedness gaps.
These results are a testament to FWD Group's strong track record as a listed company serving more than 40 million customers across 10 markets in Asia. The company remains focused on anchoring around the customer, aided by transformational technological innovation. For more information, visit www.fwd.com.
