Insurer FWD Group (1828) said on Tuesday that its new business value, a key metric for insurers, grew 18 percent year-on-year to US$878 million (HK$6.85 billion) in the first nine months, driven by sustained momentum across its diversified pan-Asian footprint.
New business contractual service margin was US$1.4 billion, with growth of 22 percent.
New business sales stood at US$1.95 billion on an annualised premium equivalent basis, with growth achieved despite a strong comparable period in 2025, particularly in the Hong Kong & Macau reporting segment, the company said.
The double-digit growth in new business profitability reflected a shift in product mix, particularly in Hong Kong where medium-term endowment sales featured heavily in 2025.
Onshore demand boosts Hong Kong & Macau sales
FWD Hong Kong & Macau saw its new business contractual service margin and value of new business each increase by 21 percent for the first three quarters, mainly driven by onshore appetite.
Mainland demand accounted for 58 percent of total value of new business, while Chinese Mainland visitor business contributed approximately 23 percent, the group noted.
For the third quarter alone, new business value remained robust, up 13 percent, supported by the benefits of a diversified customer and distribution mix, of which Chinese Mainland visitor business also delivered double-digit growth.
Q4 expects moderate margins
Looking ahead, FWD expects full-year new business sales growth to be in line with previous guidance given at the first half.
New business contractual service margin and value of new business margins for 2026 are expected to improve relative to 2025, while margins are expected to moderate in the fourth quarter due to seasonality, particularly in Hong Kong & Macau, the group said.
Its contractual service margin balance, an indicator of future operating profit, is expected to grow in line with previous mid-teens guidance, which will translate to a similar growth rate for operating profit after tax, it added.
