HONG KONG, Nov. 5, 2024 /PRNewswire/ -- FWD Group Holdings Limited ("FWD Group" or "FWD") today announced strong new business growth highlights for the nine months ended 30 September 2024.
- Value of new business (VNB) of US$623 million, with underlying[i]year-on-year growth of 16 per cent, compared to the first nine months of 2023.
- New business sales of US$1,379 million, up 13 per cent compared to the first nine months of 2023.
- Announced agreement with Roche for diagnostic-driven health insurance innovation in October, as part of the new FWD HealthyMe accident and health business, serving the lifelong health needs of customers.
- Extended INSEAD partnership in September for a further four years, to provide world-class leadership development to FWD agency leaders.
- Marked 11th anniversary of FWD Group in August with 11 charitable community grants focused on financial inclusion, career readiness, social entrepreneurship, health, and wellbeing community initiatives.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, "At FWD, we pride ourselves on being a customer-led company and this commitment has delivered another solid set of new business results."
"During the quarter we continued to invest in our business, our distributors, and the communities where we operate, in line with our vision of changing the way people feel about insurance," added Huynh Thanh Phong.
All four geographic business segments – Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets – delivered underlying VNB growth during the first nine months of 2024.
New business sales growth was particularly strong in Hong Kong SAR & Macau SAR, reflecting local demand as well as the return of Mainland Chinese visitors.
Emerging Markets posted continued new business sales growth momentum, with stand-out performances from the Philippines and Singapore, partly offset by continued industry-wide headwinds in Vietnam.
In Japan, modest new business sales growth was driven by demand for individual protection products.
While new business sales in Thailand were impacted by economic uncertainty, FWD remains well positioned as a leader in the local market.
About FWD Group
FWD Group is a pan-Asian life and health insurance business with more than 12 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on changing the way people feel about insurance. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience.
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The unaudited results are for the nine months ended 30 September 2024 and compared to the same period in 2023.
Growth rates are represented on a constant exchange rate (CER) basis.
[i] VNB on an underlying basis assumes changes to actuarial methods and operating assumptions as of year-end 2023 to reflect latest post-COVID experience and market disruption in Vietnam are retrospectively applied and also includes costs associated with agency recruitment programmes.
New business sales are calculated on an annual premium equivalent (APE), based on 100 per cent of annual premiums and 10 per cent of single premiums.