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 a record net profit of US$166 million, a six-fold increase from the previous year on an actual exchange rate basis. The results highlight profitable growth, improved capital position, and strong cash flow generation, with comprehensive tangible equity (CTE) rising 18% to US$8.72 billion and Group embedded value (EV) up 19% year-on-year to US$6.85 billion.
New business sales increased 25% to US$2.446 billion on an annualised premium equivalent (APE) basis, while new business contractual service margin (CSM) grew 18% to US$1.476 billion. Operating profit after tax rose 5% to US$499 million, with positive contributions from all four geographic segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets. The company also achieved operating cash flow positive for the second consecutive year and reduced its leverage ratio to 21.3%, approaching its target range of 15-20%.
In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, enabling Mainland Chinese investors to access Hong Kong market opportunities. Additionally, the company was included in the MSCI Hong Kong Small Cap Index in February 2026.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, '2025 was a stand-out year for FWD Group. We successfully executed our customer-led strategy, underpinned by our digitally enabled business model. Record financial results were achieved. And of course, we began trading as a publicly listed company, following our July 2025 initial public offering. This fulfilled a long-held objective to ensure FWD Group has full capital market access, as a solid foundation for our future development and growth.'
The strong results were driven by organic growth across most of the 10 Asian markets where FWD operates, with a particularly outstanding performance in the Hong Kong SAR & Macau SAR segment. In Japan, FWD began diversifying beyond its protection business into retirement and savings with a yen-denominated single premium variable annuity product. Despite headwinds in Thailand from a lower rate environment and the 2024 exit from the corporate care segment, FWD remains well positioned as a market leader. The Emerging Markets segment delivered excellent growth, consistent with long-term demographic and digital adoption trends in Southeast Asia.
FWD Group (1828.HK) serves more than 38 million customers across 10 markets, including BRI Life in Indonesia. For more information, visit www.fwd.com. The company maintains a strong capital position with a 265% solvency ratio on a prescribed capital requirement basis.
