FWD Group Holdings Limited (FWD Group), a global insurance company, reported strong year-on-year growth in the value of new business (VNB), reaching $623 million for the nine months ended September 30, 2024, a 16% increase compared to the same period last year.
All four geographic segments—Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets—showed underlying VNB growth in the third quarter.
The company also experienced a significant 13% rise in new business sales compared to 9M 2023, totalling $1.4 billion this quarter.
Growth in new business sales was particularly robust in Hong Kong SAR & Macau SAR, driven by local demand and the return of Mainland Chinese visitors.
Emerging Markets continued to show strong sales growth, particularly in the Philippines and Singapore, although this was somewhat offset by ongoing challenges in Vietnam.
In Japan, modest growth in new business sales was fueled by demand for individual protection products.
While economic uncertainty affected new business sales in Thailand, FWD Group remains a leader in the local market.
Additionally, FWD Group announced a partnership with Roche in October to innovate diagnostic-driven health insurance through its new FWD HealthyMe accident and health business, which aims to meet the lifelong health needs of customers.
The company also extended its partnership with INSEAD for an additional four years in September to provide world-class leadership development for FWD agency leaders.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, stated, “At FWD, we pride ourselves on being a customer-led company and this commitment has delivered another solid set of new business results.”
He added, “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.”
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