FWD Insurance Reports 15-Fold Profit Surge in First Half, Net Profit Hits Record
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
FWD Insurance (stock code: 1828) announced its interim results for the six months ending June 2024, reporting a shareholder-attributable profit of US$165 million, representing a 15.5-fold increase year-on-year . After-tax net profit reached a historic high of US$172 million, tripling compared to the same period last year, while after-tax operating profit rose 20% to US$298 million . The company declared no interim dividend, with earnings per share at US$0.13 . New business sales measured by annualized new premiums climbed 7% year-on-year to US$1.35 billion, while the new business contract service margin expanded 25% to US$996 million .
Key Points
- Hong Kong and Macau operations drove the strongest performance, with after-tax operating profit jumping 32% to US$164 million, supported by sustained local demand
- Thailand and Cambodia contributed US$98 million in after-tax operating profit, up 16% year-on-year, while Japan posted a 3% decline to US$85 million
- New premiums in Hong Kong and Macau grew 6% year-on-year, with over half of new business value generated from the local domestic market
- FWD has been strategically reducing sales of savings-oriented insurance products to improve profitability margins across its portfolio
- FWD Group CEO Wong Tsing-fung stated that the company delivered strong results in its first full year following listing, demonstrating sustained ability to drive business growth while expanding profit margins
Why It Matters
The exceptional profit growth signals FWD's successful transition as a publicly listed company and its ability to capture rising insurance demand in Asia's emerging markets . The strong performance in Hong Kong and Macau, particularly the shift toward higher-margin products and domestic customer acquisition, positions FWD competitively against established regional insurers .
The exceptional profit growth signals FWD's successful transition as a publicly listed company and its ability to capture rising insurance demand in Asia's emerging markets . The strong performance in Hong Kong and Macau, particularly the shift toward higher-margin products and domestic customer acquisition, positions FWD competitively against established regional insurers .