FWD Group Holdings Limited announced its first full-year results as a Hong Kong listed company for the 12 months ended 31 December 2025, delivering record financial performance across multiple key indicators. The company reported a net profit of US$166 million, representing a six-fold increase compared to the previous year, while operating profit after tax grew five percent to US$499 million with positive contributions from all four geographic reporting segments.
New business sales increased 25 percent to US$2.446 billion on an annualised premium equivalent basis, with new business contractual service margin reaching US$1.476 billion, an 18 percent year-on-year growth. The company maintained strong cash flow generation, operating cash flow positive for the second consecutive year as at 31 December 2025, while reducing its leverage ratio to 21.3 percent, approaching the target range of 15-20 percent.
Shareholder value creation indicators showed significant improvement, with comprehensive tangible equity increasing 18 percent to US$8.72 billion compared to 31 December 2024 and Group embedded value growing 19 percent year-on-year to US$6.85 billion. The company maintained a strong capital position with a 265 percent solvency ratio on a prescribed capital requirement basis. These financial achievements followed the company's July 2025 initial public offering, which fulfilled a long-held objective to ensure full capital market access as a foundation for future development.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, stated that 2025 was a stand-out year for the company, with successful execution of its customer-led strategy underpinned by a digitally enabled business model. The strong results were driven by organic growth across most of the 10 Asian markets where FWD Group operates, with particularly outstanding performance in the Hong Kong SAR & Macau SAR segment.
In Japan, FWD began diversifying beyond its protection business into the retirement and savings segment with its first yen-denominated single premium variable annuity product. As an established market leader in Thailand, the company remains well positioned for quality new business growth despite headwinds from a lower rate environment that impacted 2025 results. The Emerging Markets segment, comprising five Southeast Asian markets, delivered excellent growth consistent with longer-term demographic, wealth creation, and digital adoption trends in the region.
In December 2025, FWD Group was added to the Hang Seng Composite Index and the eligible securities list for the Stock Connect programme, where Mainland Chinese investors connect via the Shanghai Stock Exchange and Shenzhen Stock Exchange with Hong Kong market opportunities through a southbound trading mechanism. The company was also included in the MSCI Hong Kong Small Cap Index in February 2026. For more information about the company's operations, visit https://www.fwd.com.
The company's inclusion in major indices and its record financial performance signal growing recognition in capital markets and demonstrate the effectiveness of its pan-Asian strategy. For investors and industry observers, these results indicate FWD Group's successful transition to a publicly listed entity while maintaining strong growth momentum across diverse Asian markets. The company's focus on digital enablement and customer-centric approaches appears well-aligned with regional trends toward technological adoption in financial services.
Looking forward, FWD Group remains focused on executing its strategy with customers at the heart of operations in high-growth Asian markets, emphasizing long-term sustainability and profitability. The company's geographic diversification across 10 markets provides resilience against regional economic fluctuations, while its digital capabilities position it to capitalize on increasing insurance penetration in developing Asian economies. The financial community can view the original release on https://www.newmediawire.com for complete details of the 2025 results.
