FWD reports more than doubles profits for first half

FWD Group has reported its half-year financial results, with value of new business (VNB) growing 25% year on year to US$405 million (SG$569 million). The insurer’s segmental adjusted operating profit before tax was US$200 million, or 110.5% higher than the prior-year period.

FWD’s VNB margin improved to 55.4% in the first half of 2022, from 46.1% for the same period in 2021). This was supported by the company’s focus on providing protection to their customers, as reflected by its bancassurance margin growing from 45.2% in the first half of 2021 to 52.8% in the first half of 2022.

“We continued our strong track record of consistently delivering organic growth, demonstrating that our strategy is working,” said Huynh Thanh Phong, CEO and executive director of FWD Group. “In nine years, FWD Group reached critical scale and hit an inflection point. Our performance is even more impressive considering the headwinds that the industry and communities in Asia continue to face in navigating the COVID-19 pandemic this year.

“We are changing the way people feel about insurance through our customer-led approach, which combines our digitally enabled platform and trusted distribution channels. Life insurance in Asia is a massive and underserved market and we are well-positioned to capture the region’s digitally savvy, rising middle class with our proven ability to make insurance easy.”