FWD (01828) announced its financial results for the nine months ended September 30, 2025, reporting new business sales of $1.935 billion, a 37% year-on-year increase. The new business contract service margin reached $1.158 billion, up 27% YoY. During the same period, the growth rates for the new business contract service margin and new business value were 27% and 17%, respectively. These results further reinforce the potential for shareholder value enhancement, reflected in the growth of the contract service margin balance and the group's embedded value.
FWD continues to demonstrate strong momentum from its well-diversified distribution channels. Notably, in the high-net-worth customer markets of Hong Kong and Singapore, the group's insurance brokerage/independent financial advisory channels drove outstanding performance, achieving high double-digit growth in new business sales, which now account for 37% of the group's total business. Robust demand from both local and visiting customers continues to fuel strong new business growth in Hong Kong SAR and Macau SAR.
The emerging markets segment recorded strong double-digit growth in new business sales, reflecting expansion in Singapore, Malaysia, the Philippines, and the group's joint venture in Indonesia, BRI Life. In Japan, new business sales growth was supported by steady performance in individual protection products and FWD's recent entry into the retirement and savings market. However, the low-interest-rate environment continues to weigh on new business performance in Thailand and Cambodia.
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