FWD Group announces robust growth momentum
Pan-Asian life insurance business, FWD Group sees “another quarter of robust double digit new business growth”, Group Chief Executive Officer, Huynh Thanh Phong stated as the company publishes its business highlights for the nine months ended 30 September 2023.
New business sales for the FWD Group grew 22%, to $1,253 million. Value of new business increased to $724 million, up 21%compared to the same period in 2022, the company also reported.
Huynh Thanh Phong, Group CEO and Executive Director of FWD Group, said: “In our 10th anniversary year, we’re very pleased to post another quarter of robust double digit new business growth. It’s a clear sign that our digitally enabled model and commitment to put customers at the heart of everything we do is working.”
According to the announcement, the new business results reflect the continued recovery in Hong Kong SAR & Macau SAR, with the return of Mainland Chinese visitors. Thailand & Cambodia posted strong growth in value of new business, particularly through the agency channel.
The Group also reported that its Emerging Markets segment posted very strong value of new business growth excluding Vietnam, where the market remains disrupted. In Japan, consistent with FWD’s strategy to focus on the individual protection business, its corporate owned life insurance business continued to reduce and has now largely run off.
“FWD is well-positioned for the expanding insurance sector in Asia, against the backdrop of growing middle classes and digital adoption. Looking ahead, we’ll continue to play our part in bridging the large protection gap in the region,” added Huynh Thanh Phong.
Over the three-year period ended 2022, FWD Group expanded its value of new business at a compound annual growth rate of 33%.
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