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HONG KONG, Nov. 3, 2023 /PRNewswire/ -- FWD Group Holdings Limited ("FWD Group" or "FWD") today announced new business highlights[1] for the nine months ended 30 September 2023.
New business sales grew 22 percent[2] to US$1,253 million. Value of new business increased to US$724 million, up 21 percent compared to the same period in 2022.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, "In our 10th anniversary year, we're very pleased to post another quarter of robust double digit new business growth. It's a clear sign that our digitally enabled model and commitment to put customers at the heart of everything we do is working."
The new business results reflect the continued recovery in Hong Kong SAR & Macau SAR, with the return of Mainland Chinese visitors. Thailand & Cambodia posted strong growth in value of new business, particularly through the agency channel. The Emerging Markets segment also posted very strong value of new business growth excluding Vietnam, where the market remains disrupted. In Japan, consistent with FWD's strategy to focus on the individual protection business, its corporate owned life insurance business continued to reduce and has now largely run off.
"FWD is well-positioned for the expanding insurance sector in Asia, against the backdrop of growing middle classes and digital adoption. Looking ahead, we'll continue to play our part in bridging the large protection gap in the region," added Huynh Thanh Phong.
Over the three-year period ended 2022[3], FWD Group expanded its value of new business at a compound annual growth rate of 33 percent.
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About FWD Group
FWD Group is a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, please visit www.fwd.com
[1] New business sales are measured in annual premium equivalent (APE) terms, representing the sum of 10% of single premiums and 100% of annualised first year premiums for all new policies, before reinsurance ceded. Value of new business (VNB) is present value, measured at point of sale, of future net-of-tax profits on a local statutory basis less the corresponding cost of capital. VNB is calculated quarterly, based on assumptions applicable at the start of each quarter.
[2] All growth rates are represented on a constant exchange rate basis.
[3] Value of new business growth for FWD in 2019-22 excludes contribution from corporate owned life insurance and retrocession reinsurance in Japan.