FWD Group Reports Significant New Business Growth in Asia

FWD Group Holdings Limited, a prominent player in the life and health insurance sector, has recently shared impressive new business growth figures for the nine months ending on September 30, 2024. This announcement highlights the company's ongoing commitment to transforming the insurance landscape, making it more customer-friendly and accessible.

Huynh Thanh Phong, the Group Chief Executive Officer, emphasized the company's customer-centric approach, stating, "At FWD, we pride ourselves on being a customer-led company and this commitment has delivered another solid set of new business results." This statement reflects FWD's dedication to not only meeting but exceeding customer expectations, which is crucial in today's competitive market.

During the reported quarter, FWD Group continued to invest significantly in its operations, distributors, and the communities it serves. This strategy aligns with their vision of changing how people perceive insurance. The results from all four geographic segments—Hong Kong SAR & Macau SAR, Thailand & Cambodia, Japan, and Emerging Markets—showed underlying Value of New Business (VNB) growth, indicating a robust performance across the board.

Particularly noteworthy was the strong new business sales growth in Hong Kong SAR & Macau SAR, driven by local demand and the resurgence of Mainland Chinese visitors. Meanwhile, Emerging Markets, including the Philippines and Singapore, demonstrated continued sales growth, although challenges persisted in Vietnam due to industry-wide headwinds.

In Japan, the modest growth in new business sales was attributed to an increased demand for individual protection products. Conversely, Thailand faced economic uncertainties that impacted new business sales; however, FWD remains well-positioned as a leader in that market.

FWD Group, established in 2013, has rapidly expanded its reach, now serving over 12 million customers across ten markets, including some of the fastest-growing insurance markets globally. The company’s innovative, customer-led, and digitally enabled approach aims to simplify the insurance experience, making it easier for customers to understand their options.

The unaudited results for the nine months ending September 30, 2024, are compared to the same period in 2023, with growth rates calculated on a constant exchange rate basis. This careful analysis allows FWD to adapt and respond to market changes effectively.

FWD Group's strong performance in new business growth underscores its commitment to customer satisfaction and innovation in the insurance sector. As the company continues to navigate the complexities of the market, its focus on community investment and customer engagement will likely play a pivotal role in shaping the future of insurance in Asia. This approach not only benefits the company but also enhances the overall customer experience, making insurance more approachable and less daunting for everyone.