FWD Group Holdings Limited (FWD Group or FWD) today announced exceptionally strong first quarter new business highlights for the three months ended 31 March 2025.
– New business contractual service margin (New business CSM) growth of 55 percent year-on-year, to US$465 million. This adds to the company’s overall CSM balance, which is released over time to its income statement under IFRS 17.
– New business sales (APE) growth of 46 percent, compared to the same corresponding period last year, to US$679 million.
– Extended FWD Group’s partnership with JA Worldwide in April for a further three years to help primary school students in Asia develop financial literacy, through the award-winning programme, JA SparktheDream.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “FWD Group had a very strong start to the year, with our customer-led strategy driving some incredible new business results. We continued to respond to rapidly evolving customer needs for protection, health, and savings, with 10 new products introduced in the quarter, including FWD Private’s first high-net-worth indexed universal life proposition.”
“FWD Group had a terrific quarter and maintained a strong balance sheet, however, we’re keeping a close watch on the volatility in global financial markets and the uncertain global macro-economic outlook. Risk management is always a top priority and FWD Group is taking a prudent approach in preparing for a range of possible scenarios and outcomes,” added Huynh Thanh Phong.
The growth in new business indicators was driven by most of the 10 markets FWD operates in.
In Hong Kong SAR & Macau SAR, the particularly strong trajectory of growth in new business sales and new business CSM continued, reflecting demand from both local and Mainland Chinese visitor customers.
In the Thailand & Cambodia reporting segment, new business indicators were impacted by weaker economic conditions as well as lower interest rates.
Double digit growth in new business sales in the company’s Emerging Markets segment was broad-based, while Japan posted steady new business indicators.
| Quarter ended 31 March^ | |||||||||||
| US$ millions, except for percentages |
2024 |
2025 | Growth (year on year CER basis) |
||||||||
| New business growth indicators New business sales (APE) |
460 | 679 | 46% | ||||||||
| New business CSM | 297 | 465 | 55% | ||||||||
| Value of new business (VNB) | 215 | 287 | 32% | ||||||||
About FWD Group
FWD Group is a pan-Asian life and health insurance business that serves approximately 30 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. For more information, please visit www.fwd.com
For media inquiries, please contact: groupcommunications@fwd.com
Source: FWD Group Holdings Limited
^The unaudited results are for the three months ended 31 March 2025 and are compared to the same period in 2024. Growth rates are represented on a constant exchange rate (CER) basis. New business sales are calculated on an annual premium equivalent (APE) basis, based on 100 percent annual premiums and 10 percent single premiums. New business CSM excludes the impact of one-off reinsurance contracts on in-force business.