FWD Group (1828) Q3 2025 earnings summary

Executive summary

• New business sales rose 37% year-over-year to $1,935m for the nine months ended 30 September 2025, with broad-based growth across most Asian markets.

• Over 40 new products were introduced in 2025, addressing evolving customer needs in protection, health, and savings.

Financial highlights

• New business performance reached $1,935m, up 37% at constant exchange rates (CER) and 40% at actual exchange rates (AER) compared to 9M 2024.

• Annualised premium equivalent (APE) was $1,158m, up 27% CER and 31% AER year-over-year.

• Value of new business (VNB) reached $748m, up 17% CER and 20% AER year-over-year.

• NB CSM margin was 60.6%, down 3.5 percentage points year-over-year.

• VNB margin declined to 38.7%, down 6.7 percentage points year-over-year.

Outlook and guidance

• Management expects continued momentum from diversified product offerings and multi-channel strategies, with ongoing benefits from visiting customers and wealth flows, especially in Hong Kong.

• Continued strength in new business sales is expected for the remainder of 2025, though margin pressure is anticipated to persist, especially in Thailand due to low interest rates.

• Medium-term new business sales growth rates are expected to moderate, but long-term growth and value creation remain a focus, supported by diversified distribution and digital tools.