FWD underscores new business growth in first half-year

Segmental adjusted operating profit after tax reached US$307 million

FWD underscores new business growth in first half-year

FWD Group has announced its first half-year results, underscoring growth in its new business line and a rise for its adjusted operating profits in the six months ended June.

According to the disclosed details, the insurance group maintained robust organic growth during the initial six months of 2023, marked by a value of new business amounting to US$482 million. This figure represents an increase of 22% compared to the corresponding period in 2022.

Furthermore, the company reported a substantial 56% surge in its segmental adjusted operating profit before tax, reaching a total of US$307 million.

“Our solid performance in major business segments such as Hong Kong, Thailand, and Japan was complemented by our Emerging Markets segment, which, for the first time ever, contributed positively to our pre-tax operating profit,” said Huynh Thanh Phong, FWD Group CEO and executive director.

The growth in the value of new business during the first half of 2023 was attributed to several factors. These included the resurgence of Mainland Chinese visitors to Hong Kong and Macau, an ongoing leadership position in bancassurance, expanded agency presence in Thailand, and a successful shift towards individual protection business in Japan. Notably, robust growth in the value of new business was also maintained across most countries within the markets segment.

“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,” the CEO said.

Adding to this period of growth is the inaugural high-net-worth (HNW) offering announced by FWD Singapore, which has officially entered the country’s HNW market through the appointment of a dedicated team led by industry specialist Jason Tsui.

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