FWD Group reports 17% growth in VNB for Q124

The company saw $215m in terms of value of new business.

FWD Group’s value of new business (VNB) grew 17% on a year-on-year basis to $215m in the first three months of 2024 (Q124).

“All four reporting segments – Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets – delivered growth in new business sales and underlying VNB,” the company said in a statement.

The group’s new business sales expanded 10% YoY to $460m in Q124. 

FWD also noted its “Southeast Asia footprint”, as it became the majority 70% shareholder of its takaful business in Malaysia last March. It also increased its investment to 44% in BRI Life Indonesia.

“We’ve made a solid start to 2024 as we continue to build scale in our business, deepening FWD’s presence to serve customers across our 10 markets in Asia,” Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group also said in the press release.

The continued growth momentum in its Hong Kong and Macau businesses, boosted by mainland Chinese visitors (MCVs), also drove the company’s growth during the period.

“Thailand’s new business sales and VNB growth reflected a focus on higher-margin products. Both Japan and Emerging Markets delivered strong VNB growth,” the statement said.