FWD Group’s new business value  jumps 22% YoY in first half

The six months to June accumulated $482m in new business value.

In the initial six months of 2023, FWD Group maintained robust value of new business at $482m, a 22% year-on-year (YoY) climb, driven by Chinese tourists to Hong Kong and Macau and more.

Moreover, the company achieved a substantial 56% surge in its segmental adjusted operating profit before tax, reaching an impressive $307m.

FWD's value of new business expansion in the first half of 2023 was driven by multiple factors: the resurgence of Mainland Chinese visitors in Hong Kong and Macau, continued dominance in bancassurance, an expanded agency presence in Thailand, and a successful shift in Japan towards individual protection services. 

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“Solid results in our largest business segments of Hong Kong, Thailand and Japan were complemented by our Emerging Markets segment, which for the first time ever delivered a positive contribution to our pre-tax operating profit.” Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said in a statement.

This growth trend extended to most countries within the Emerging Markets segment, demonstrating sustained strength in value of new business.