HONG KONG, Aug. 31, 2023 /PRNewswire/ -- FWD Group Holdings Limited ("FWD Group" or "FWD") announced updates and additional information, including 2023 first half results for FWD Group, in filings made today with the Stock Exchange of Hong Kong Limited ("HKEx") in relation to its global medium term note programme.
As detailed in the filings, FWD Group continued to deliver strong organic growth in the first half of 2023, with value of new business of US$482 million, up 22 percent[1] compared to the first half of 2022.
The company also reported a 56% increase in its segmental adjusted operating profit before tax which reached US$307 million.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, "Solid results in our largest business segments of Hong Kong, Thailand and Japan were complemented by our Emerging Markets segment, which for the first time ever delivered a positive contribution to our pre-tax operating profit."
The company's growth in value of new business in the first half of 2023 reflected the return of Mainland Chinese visitors to Hong Kong and Macau, continued number one leadership in bancassurance as well as an increased agency presence in Thailand, and a successful pivot in Japan toward the individual protection business. Strong value of new business growth was also sustained in most countries in the Emerging Markets segment.
Huynh Thanh Phong added, "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."
Today's announcement updated the company's global medium term note programme, which was established on 24 November 2021, with additional information. This included the financial performance of FWD Group for the first half of 2023 under the new international financial reporting accounting standard, IFRS17, which came into effect for the industry globally on 1 January 2023. The announcements are available on the HKEx's website.
| [1] Growth rates are represented on a constant exchange rate basis. |
About FWD Group
FWD Group is a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, please visit www.fwd.com
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