FWD Group Holdings Limited has announced its financial results for the full year ending Dec. 31, 2024, marking its first net profit under the International Financial Reporting Standard (IFRS) 17.
The company reported a net profit after tax of US$24 million, with operating profit after tax rising 29% year-on-year to US$463 million.
FWD’s financial performance was supported by contributions from all four geographic reporting segments:
Annual premium equivalent (APE) sales increased by 19% for the year, driven by strong demand in Hong Kong SAR & Macau SAR and continued growth in Emerging Markets. Japan saw moderate APE growth in its individual protection business, while Thailand & Cambodia experienced a slight decline, reflecting a more challenging economic landscape.
New business CSM growth of 31% was primarily supported by strong performance across most of FWD’s 10 markets. Hong Kong SAR & Macau SAR saw high demand for insurance products, while Emerging Markets and Japan also contributed positively. Thailand & Cambodia recorded lower new business CSM, attributed to prevailing macroeconomic conditions.
New business contractual service margin (CSM) for the year was recorded at US$1.22 billion, reflecting a 31% underlying year-on-year increase. The CSM balance continues to be recognised progressively under IFRS 17, contributing to future revenue.
FWD also achieved a positive operating cash flow for the first time, following record dividend payments of over US$600 million from its business units.
The company further enhanced its financial position by increasing undrawn committed credit facilities to approximately US$1.4 billion and completing the early refinancing and syndication of a US$1 billion loan.
Huynh Thanh Phong, FWD Group’s chief executive officer and executive director, said the company’s 2024 results demonstrate the progress of its long-term strategy.
“Our strong financial performance also translated to another significant milestone – FWD’s first-ever positive operating cashflow result,” he said.
He also noted that the company remained focused on expanding its product offerings and digital capabilities.
“Throughout 2024, FWD continued to invest in meeting the unique protection, health, and wealth requirements of customers in Asia, with new offerings like FWD Private. We also rolled out FWD Cube, our proprietary agency management platform with industry leading digital and generative AI capabilities, in Thailand, the Philippines, Malaysia, and Vietnam. We’re more committed than ever to changing the way people feel about insurance for the better,” Huynh Thanh Phong said.
FWD’s latest financial results align with governance updates, including the appointment of three independent non-executive directors in February 2025. Andrew Weir, Dominic Leung Ka Kui, and Laura Deal-Lacey joined the board, bringing expertise in finance, insurance, and international business.
Following these additions, the board now consists of 13 members, including two executive directors, two non-executive directors, and nine independent non-executive directors.
In addition, the company implemented leadership changes that became effective Jan. 1. Binayak Dutta was appointed senior managing director, Southeast Asia & group chief business operations officer, while Sid Sankaran assumed the roles of group chief financial officer and group chief operating officer.
The board restructuring follows the retirement of Richard Sun Po Yuen.
