FWD Group Holdings Limited announced its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, reporting record financial performance with substantial growth across key metrics. The company achieved a US$166 million net profit, representing a six-fold increase, while maintaining positive operating cash flow for the second consecutive year. These results follow the company’s July 2025 initial public offering, which fulfilled a long-held objective to ensure full capital market access.
New business sales grew 25 percent to US$2.446 billion compared to 2024 on an annualised premium equivalent basis, with new business contractual service margin reaching US$1.476 billion, an 18 percent year-on-year increase. Operating profit after tax increased five percent to US$499 million, with positive contributions from each of the company’s four geographic reporting segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.
Shareholder value creation indicators showed significant improvement, with comprehensive tangible equity up 18 percent to US$8.72 billion compared to 31 December 2024 and Group embedded value up 19 percent year-on-year to US$6.85 billion. The company maintained a strong capital position with a 265 percent solvency ratio while reducing its leverage ratio to 21.3 percent, approaching the target range of 15-20 percent. In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, where Mainland Chinese investors connect via the Shanghai Stock Exchange and Shenzhen Stock Exchange with Hong Kong market opportunities via a southbound trading mechanism.
Group Chief Executive Officer Huynh Thanh Phong attributed the strong performance to successful execution of the company’s customer-led strategy, underpinned by a digitally enabled business model. The 2025 results were driven by organic growth across most of the 10 Asian markets where FWD Group operates, with particularly outstanding performance in the Hong Kong SAR & Macau SAR segment. The company posted solid results in Japan, where it began diversifying beyond its protection business into the retirement and savings segment with its first yen-denominated single premium variable annuity product.
Despite headwinds from a lower rate environment which impacted 2025 results, FWD remains well positioned to grow quality new business in Thailand, where it is an established market leader. The Emerging Markets segment, comprised of five Southeast Asian markets, delivered excellent growth consistent with longer-term demographic, wealth creation, and digital adoption trends in the region. For more information about the company’s operations, visit https://www.fwd.com.
Looking forward, the company remains focused on executing its strategy with customers at the heart of operations in high-growth Asian markets, emphasizing long-term sustainability and profitability. The inclusion in the MSCI Hong Kong Small Cap Index in February 2026 further enhances the company’s market profile as it continues to build for future growth across its pan-Asian operations.
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