FWD Group Holdings Limited (FWD Group), a global insurance company, has reported a remarkable financial performance for 2023 first half, with its value of new business surging to US$482 million, a substantial 22% increase from the previous year, as revealed in a filing with the Stock Exchange of Hong Kong Limited (HKEx).
FWD Group also reported an impressive 56% surge in its segmental adjusted operating profit before tax, reaching an impressive US$307 million.
This success has been attributed to the solid performance of its key business segments, including Hong Kong, Thailand, and Japan. Notably, the Emerging Markets segment contributed positively to the pre-tax operating profit for the first time in the company’s history.
Huynh Thanh Phong, the Group Chief Executive Officer and Executive Director of FWD Group, expressed his satisfaction with the company’s performance, emphasising the substantial achievements in core markets and the promising entry into the Emerging Markets segment.
The return of Mainland Chinese visitors to Hong Kong and Macau played a pivotal role, along with sustained leadership in bancassurance and enhanced agency presence in Thailand. Additionally, a strategic pivot towards individual protection business in Japan contributed significantly to the favourable results.
Phong stated, “FWD is 10 years young in 2023 and we’ve only just begun our journey of changing the way people feel about insurance. We have clearly demonstrated our ability to bring a human touch to our digitally enabled business for customers across Asia. Our continued growth and scale reflect the investments we’ve made in the last decade to serve the expanding insurance sector in Asia.”
This announcement not only presented FWD Group’s stellar performance but also provided an update on the company’s global medium term note programme. Established in 2021, this programme has now been augmented with critical financial data for the first half of 2023, adhering to the new international financial reporting accounting standard, IFRS17, which came into effect globally on January 1, 2023.
This update reaffirms FWD Group’s commitment to transparency and accountability in its financial reporting practices.
