FWD Group's value of new business (VNB) rose 18% to $878m in the nine months to 30 September 2026, at constant exchange rates (CER), according to its filing with the Hong Kong stock exchange on 3 November. On actual exchange rates (AER), VNB rose 17%.
New business CSM rose 22% at CER to $1.4bn, or 21% at AER. New business sales (APE) rose 1% to $1,953m on both bases.
The VNB margin was 44.9%, up 6.3 percentage points at CER, and the new business CSM margin was 72.5%, up 12.2 percentage points. Group VNB for the third quarter rose 16% year on year.
For the same period a year earlier, FWD reported new business CSM of $1,158m, VNB of $748m, and APE of $1,935m.
According to the company, growth was driven by a shift in product mix, notably in Hong Kong after heavy medium-term endowment sales in 2025. In Japan, new business CSM rose 28% and VNB rose 59%.
Bancassurance accounted for about 39% of Group APE, brokerage and IFA about 36%, and agency 18%.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said: “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. A diversified product mix drove excellent new business profitability in Hong Kong, while in Thailand we saw a return to new business sales growth in the last quarter.”
“Looking ahead, 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,” Huynh Thanh Phong added.
FWD Group is a pan-Asian life and health insurer headquartered in Hong Kong and listed on the Hong Kong stock exchange.
