FWD Group Holdings revealed its key business highlights for the first nine months of 2023, concluded on Sept. 30.
The pan-Asian insurer saw new business sales surging by 22%, reaching US$1.253 billion. The value of new business also demonstrated growth, rising to US$724 million, marking a 21% upswing in comparison to the corresponding period in 2022.
The new business figures mirror the ongoing recovery in Hong Kong SAR & Macau SAR, attributed to the return of Mainland Chinese visitors. Meanwhile, FWD’s divisions in Thailand and Cambodia exhibited growth in the value of new business, particularly through the agency channel.
The emerging markets segment displayed robust growth in the value of new business, except in Vietnam where business is still disrupted. In line with FWD's strategic focus on individual protection business, its corporate owned life insurance business in Japan continued to diminish and has mostly wound down.
Over the three-year period ending in 2022, FWD Group in total expanded its value of new business at a compound annual growth rate of 33%.
“In our 10th anniversary year, we’re very pleased to post another quarter of robust double digit new business growth,” said Huynh Thanh Phong, FWD Group CEO. “It’s a clear sign that our digitally enabled model and commitment to put customers at the heart of everything we do is working. FWD is well-positioned for the expanding insurance sector in Asia, against the backdrop of growing middle classes and digital adoption. Looking ahead, we’ll continue to play our part in bridging the large protection gap in the region.”
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