The company reported a net profit after tax of US$24 million for the twelve months ending December 31, 2024.
The results also showcased robust growth in key financial metrics. Operating profit after tax surged by 29% to US$463 million, driven by consistent positive contributions from all four of FWD’s geographic reporting segments: Hong Kong SAR and Macau SAR, Thailand and Cambodia, Japan, and Emerging Markets.
A major highlight of the report was the strong 31% year-on-year growth in new business contractual service margin (CSM), reaching US$1.222 billion. This substantial increase contributes to the company’s overall CSM balance, which is recognized as income over time under IFRS 17.
FWD Group also achieved positive operating cashflow for the first time, bolstered by record dividends exceeding US$600 million from its geographic business segments in 2024. The company further strengthened its financial flexibility by increasing total undrawn committed credit facilities to approximately US$1.4 billion and successfully completing the early refinancing and syndication of a US$1 billion loan.
In February 2025, FWD Group expanded its Board of Directors with the appointment of Andrew Weir, Dominic Leung Ka Kui, and Laura Deal-Lacey. The board now comprises 13 directors, reflecting increased diversity and deep business expertise in Asia.
Furthermore, FWD Group announced key executive appointments effective January 1, 2025, with Binayak Dutta assuming the role of Senior Managing Director, Southeast Asia and Group Chief Business Operations Officer, and Sid Sankaran becoming Group Chief Financial Officer and Group Chief Operating Officer.
These results underscore FWD Group’s strong performance and strategic growth in the Asian insurance market, demonstrating its ability to adapt and thrive under evolving financial reporting standards.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “These outstanding results for FWD in 2024 highlight the sustained execution of our strategy across our 10 markets in Asia. We delivered FWD’s first net profit under IFRS 17 with all four geographic segments contributing, and posted terrific growth in underlying new business CSM. Our strong financial performance also translated to another significant milestone – FWD’s first ever positive operating cashflow result.”
“Throughout 2024, FWD continued to invest in meeting the unique protection, health, and wealth requirements of customers in Asia, with new offerings like FWD Private. We also rolled out FWD Cube, our proprietary agency management platform with industry leading digital and generative AI capabilities, in Thailand, the Philippines, Malaysia, and Vietnam. We’re more committed than ever to changing the way people feel about insurance for the better,” added Huynh Thanh Phong.
All four geographic business segments – Hong Kong SAR and Macau SAR; Thailand and Cambodia; Japan; and Emerging Markets – once again delivered operating profitability in 2024, after reaching this milestone for the first time in 2023.
New business sales (APE) growth of 19 % reflected exceptionally strong results in Hong Kong SAR and Macau SAR, as well as continued growth in Emerging Markets. Japan achieved modest APE growth from its individual protection business. Thailand and Cambodia posted modest declines, reflecting a more challenging sales environment amidst weaker macro-economic conditions.
The 31% underlying growth in overall new business CSM was driven by a strong performance across the majority of the 10 markets FWD operates in. Hong Kong SAR and Macau SAR delivered an outstanding performance, as demand for insurance products remained robust. The Emerging Markets segment delivered a strong contribution, alongside solid growth from Japan. In Thailand and Cambodia, new business CSM reflected continued macro-economic environment challenges.
