FWD Group has announced first quarter new business highlights for insurance business, including an uptick of 35% for the value of new business (VONB) for Q1 of the fiscal year.
VONB for the Pan-Asian insurer reached US$247 million for the first quarter, up 35% compared to Q1 of the last fiscal year. FWD attributed this growth to a strong recovery in Hong Kong following the reopening of travel with Mainland China.
Another strong driver is its bancassurance proposition in Thailand, where its successful partnership with Siam Commercial Bank (SCB) – recently extended for two more years – continues to deliver high-margin business. Likewise, the emerging markets segment also posted strong new business growth and value, reflecting the focus on protection as well as other higher-margin products.
FWD Group CEO Huynh Thanh Phong celebrated the insurer’s strong first quarter for the Richard Li-backed group in a news release.
“FWD is 10 years young and our consistent results have demonstrated that our digitally-enabled model is working. The sustained growth reflects our commitment to put customers at the heart of everything we do. As we look ahead, FWD remains well-positioned for the expanding insurance sector in Asia - a region with a significant protection gap, accelerating demand for digital services and growing middle-class populations,” he said.
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