New business sales rose by 37 per cent to US$1.935 billion on an annualised premium equivalent (APE) basis compared with the same period in 2024. The company’s new business contractual service margin (CSM) increased by 27 per cent to US$1.158 billion, demonstrating continued value creation and strong profitability.
In September, FWD refinanced US$1.15 billion of debt and redeemed an additional US$500 million, primarily using proceeds from its successful initial public offering (IPO) in July. These actions significantly strengthened the company’s balance sheet, reducing leverage to 21.8 per cent and lowering annualised financing costs by approximately US$72 million.
Throughout 2025, FWD continued to enhance its product portfolio, launching more than 40 new insurance products to address evolving customer needs in protection, health, and savings.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “We’re thrilled to report strong new business results, powered by organic growth across most of the 10 Asian markets where FWD Group operates. A positive indicator of value creation for our shareholders is the surge in our new business contractual service margin, which continues to strengthen our CSM balance and boost earnings over time.”
He added, “In September, we seized a window in the debt markets for refinancing, and with the successful IPO in July, we’ve made great progress in reducing our overall debt. The significant decrease in financing costs and leverage delivers benefits to our shareholders and puts FWD Group in a prime position to accelerate our customer-led growth strategy and advance our risk management priorities.”
Exceptional demand from both local and visiting customers continued to drive strong new business growth in Hong Kong SAR and Macau SAR.
In Emerging Markets, FWD recorded double-digit growth in new business sales, reflecting solid momentum in Singapore, Malaysia, the Philippines, and Indonesia through its joint venture BRI Life.
In Japan, growth was supported by strong performance in the individual protection business and the company’s recent expansion into the retirement and savings segment. However, the low-interest-rate environment in Thailand and Cambodia continued to weigh on business indicators.
FWD Group (1828.HK) is a leading pan-Asian life and health insurer serving approximately 34 million customers across 10 markets, including its joint venture with BRI Life in Indonesia. Established in 2013, FWD aims to change the way people feel about insurance through innovative, easy-to-understand products and a customer-led, technology-enabled approach. The company is listed on the Main Board of the Hong Kong Stock Exchange under the stock code 1828.
