FWD Group sees strong 2024 midyear performance

FWD Group sees strong 2024 midyear performance | Insurance Business Asia

Insurance News

FWD Group sees strong 2024 midyear performance

All target markets registered organic growth

Insurance News

By
Noel Sales Barcelona

Hong Kong-based insurance broker firm FWD Group Holdings has released its 2024 midyear performance report, showing solid and organic growth in all markets thanks to the strong performance of all four geographic business segments of the company – Hong Kong SAR and Macau SAR, Thailand and Cambodia, Japan, and emerging markets – which were all profitable during the first six months of this year.

The June 2024 financial report showed an after-tax profit of US$223 million, reflecting the positive contributions of the four geographic business segments. The FWD Group records also showed over $600 million year-to-date dividends received from all segments.

The report also stated that the new business contractual service margin has reached a whopping $573 million, with underlying year-on-year growth of 26%. The company also boasts a value of $404 million for new business, with underlying year-on-year growth of 14%, based on its financial records.

Meanwhile, the company has successfully issued $1.5 billion in 2024 of subordinated notes due in 2029 and 2031 to refinance debt securities. Furthermore, the company stated that its total undrawn committed credit facilities are now pegged at $1.185 billion.

“The Hong Kong SAR & Macau SAR segment delivered another strong performance, reflecting substantial growth from mainland Chinese visitors as well as robust local demand for quality insurance products. Thailand posted a solid contribution, reflecting a product mix shift to higher-margin products. Growth in Japan demonstrated a sustained focus on individual protection products. In emerging markets, strong growth was partly offset by ongoing market disruption in Vietnam,” the report said.

Aside from its financial growth, the company also reported the successful launch of its new business, FWD HealthyMe, last May that aims to be a partner to customers across Asia for their lifelong health needs, utilizing the latest developments in health technology and research to provide diagnostic services alongside comprehensive accident and health insurance.

“We’re pleased to report solid financial results, demonstrating organic growth and operating profitability across FWD Group. Our performance reflects the scale we’re building across our 10 markets in Asia and our focus on sustainable profitability,” said Huynh Thanh Phong, FWD Group’s chief executive officer and executive director. “We’re more determined than ever to give our customers the freedom to celebrate living, both now and in the future. That’s also the driving force behind our new FWD HealthyMe business, which builds upon our existing life insurance, critical illness, and medical offerings with comprehensive accident and health insurance.”