FWD Group (1828) Q2 2024 earnings summary

Executive summary

• Achieved strong financial performance in 1H24, with key metrics showing continued growth year-over-year.

• Demonstrated consistent and resilient business growth across all major segments and geographies.

• Maintained a customer-led, digitally enabled strategy, scaling agency force and expanding market presence.

• Report covers unaudited interim results for the six months ended 30 June 2024, reviewed by EY with no material misstatements found.

• The group operates across Asia-Pacific, focusing on life, general insurance, and investment services.

Financial highlights

• New business sales (APE) rose 8% YoY to $876m; value of new business (VNB) up 14% YoY to $404m.

• New business CSM increased 26% YoY to $573m; net capital generated reached $423m, up 34% YoY.

• Insurance revenue was US$1,361m, nearly flat year-over-year (US$1,366m in 2023).

• Net investment result rose to US$195m from US$124m year-over-year.

• Net profit attributable to equity holders was $3m for 1H24, while net loss was US$8m compared to a net profit of US$44m in the prior year period.

Outlook and guidance

• Focus remains on sustainable growth, profitability, and expanding top 3 market share positions in key markets.

• Continued investment in digital capabilities and agency force to match bancassurance leadership.

• The group remains in compliance with all regulatory capital and solvency requirements across jurisdictions.