FWD Group
FWD Group is a pan-Asian life and health insurance company founded in 2013 by Richard Li as the insurance arm of Pacific Century Group, with operations in 10 markets including Hong Kong SAR, Thailand, Macau SAR, Vietnam, Indonesia, Singapore, the Philippines, Cambodia, Malaysia, and Japan.[1][2][3] The company serves approximately 34 million customers through a network of over 6,800 employees, more than 50,000 contracted agents, and 32 bancassurance partnerships, emphasizing customer-led innovation, digital technology, and simplified insurance products to address modern needs in fast-growing Asian markets.[4] In the first half of 2025, FWD reported a value of new business of US$506 million, total premiums of US$7.2 billion over the prior 12 months, and total assets of US$59.4 billion, underpinned by a groupwide solvency ratio of 283%. New business sales rose 37% to US$1.935 billion in the nine months ended September 2025.[5][4][6] Headquartered in Hong Kong, FWD Group is led by Group Chief Executive Officer Huynh Thanh Phong, a qualified actuary with over 30 years of experience in financial services across multiple regions, who was awarded an OBE by Queen Elizabeth II for contributions to the industry in Vietnam.[7] The company's majority ownership remains with Pacific Century Group, alongside minority stakeholders such as Apollo Global Management and the Canada Pension Plan Investment Board.[1] In a significant milestone, FWD went public on the Hong Kong Stock Exchange in July 2025 under stock code 1828, raising approximately US$442 million in its initial public offering and marking the debut after several prior attempts.[8][9] FWD's vision centers on transforming the insurance experience through empowerment, transparency, and technology, differentiating itself from traditional insurers by focusing on digital distribution, ecosystem partnerships exceeding 50, and initiatives like financial education programs that reached over 74,000 individuals in 2023.[2][1] The company has earned recognition for its governance and innovation, including the Celent Model Insurer Award and Fitch IFS rating of 'A' in 2024, while maintaining strong financial stability as evidenced by Moody's A2 IFS rating (as of July 2025).[4][10]History
Founding and Early Development (2013–2019)
FWD Group was founded in 2013 by Pacific Century Group (PCG), the Asia-based private investment firm led by Richard Li, with the aim of establishing a pan-Asian life insurance provider focused on innovation and customer-centric solutions.[11][12] The company emerged from PCG's strategic vision to disrupt traditional insurance models in the region, emphasizing digital integration and accessible products to appeal to younger demographics and underserved markets.[13] A pivotal step in FWD's formation was the acquisition of ING's Asian insurance operations, including life insurance units in Hong Kong, Macau, and Thailand, completed in February 2013 for approximately US$2.16 billion.[14][15] These assets, which also encompassed general insurance, pensions, and employee benefits, were rebranded under the FWD name in August 2013, marking the official launch of insurance operations in these initial markets.[13] The rebranding aligned with FWD's forward-looking identity, derived from the name symbolizing dynamism and progress, while retaining ING's established infrastructure to accelerate market penetration.[16] During its early years, FWD pursued aggressive geographic expansion through a mix of organic setups and acquisitions to build its regional footprint. In 2014, it commenced commercial life insurance operations in the Philippines following the incorporation of FWD Life Insurance Corporation and receipt of regulatory approval.[17] This was followed by entry into Indonesia in 2015, where FWD obtained a Shariah-compliant life insurance license to cater to the Muslim-majority population, launching operations with both conventional and Islamic products.[18] In 2016, the company expanded into Singapore via the acquisition of a majority stake in Shenton Insurance for group medical coverage and into Vietnam through the purchase of Great Eastern Life Vietnam, enabling a full suite of life and health offerings.[19][20] Japan marked another milestone in late 2016, with an agreement to acquire AIG Fuji Life Insurance, completed in 2017 and rebranded as FWD Fuji Life to tap into the world's second-largest life insurance market.[21][22] FWD's formative period also featured the rollout of core life and health insurance products tailored to regional needs, such as term life, critical illness coverage, and medical plans, often distributed through bancassurance partnerships and digital channels.[18] From inception, the company adopted a digital-first strategy, investing in technology platforms for seamless policy management, claims processing, and personalized underwriting to differentiate from legacy insurers and enhance accessibility.[13] This approach contributed to rapid customer acquisition, growing the policyholder base to over 1.2 million by 2016 and over 7 million by the end of 2019, reflecting strong demand in emerging Asian markets.[23][24]Expansion and Milestones (2020–2025)
The COVID-19 pandemic significantly influenced FWD Group's operations in 2020 and 2021, accelerating the adoption of digital tools and platforms to maintain service continuity amid lockdowns and social distancing measures. The company's digital-first approach, including eCommerce platforms for direct-to-consumer sales of life insurance, personal accident, and COVID-19-specific protection products, helped cushion the operational impacts across markets like the Philippines and Thailand.[25][26] This shift was complemented by a surge in demand for health and medical insurance, driven by heightened customer awareness of protection needs during the health crisis, leading to expanded offerings like specialized COVID-19 coverage plans launched in April 2020.[26][25] In September 2021, FWD launched operations in Cambodia, marking entry into its 10th market.[27] By 2022, FWD Group deepened its presence in Southeast Asia through organic growth initiatives and enhanced distribution channels, capitalizing on post-pandemic recovery in markets like Indonesia, Vietnam, and Malaysia to drive new business expansion. In Japan, the company advanced its strategy with targeted growth in individual life insurance and corporate-owned life insurance segments, achieving 29% year-on-year value of new business growth.[28][29] These efforts contributed to reaching over 10 million customers by early 2023, a key milestone reflecting the company's scaling across its 10 markets.[30] In 2023, FWD Group faced challenges with postponed initial public offering attempts in Hong Kong, delayed twice due to volatile market conditions, first in May 2022 and again in September 2023, as the company prioritized financial stability amid global economic uncertainties.[31] Despite these setbacks, the firm continued to build momentum, surpassing 11 million customers by late 2023.[32] The year 2024 saw notable product innovations, particularly in employee benefits and general insurance, with launches emphasizing digital integration and customer-centric features, such as enhanced mental wellbeing plans and accident coverage tied to diagnostic partnerships.[33][34] These developments helped grow the customer base to over 13 million by mid-2024.[35] In 2025, marking its 12th anniversary, FWD Group announced 12 charitable grants across Asia to support initiatives in financial literacy, social entrepreneurship, career readiness, and health programs in markets including Cambodia, Hong Kong SAR, Indonesia, Japan, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.[36] The company also secured multiple accolades at the Hong Kong Insurance Awards 2025, including nine awards that positioned it as the most-awarded insurer for the seventh consecutive year, recognizing excellence in innovation, customer service, and corporate leadership.[37] By mid-2025, FWD Group's customer base had expanded to approximately 34 million, underscoring its sustained growth trajectory in the pan-Asian insurance sector.[4]Business Operations
Geographic Presence and Subsidiaries
FWD Group is headquartered in Hong Kong SAR, serving as the central hub for its pan-Asian operations across 10 markets: Hong Kong SAR and Macau SAR, Thailand, Japan, Vietnam, the Philippines, Indonesia, Singapore, Malaysia, and Cambodia.[4][18] The company's subsidiary structure is tailored to each market's regulatory environment, with key operating entities including FWD Life Insurance Limited in Hong Kong SAR as its core market platform, FWD Life Insurance Co., Ltd. in Japan focusing on life insurance distribution, and PT FWD Life Indonesia, which holds a Shariah-compliant life insurance license issued in 2015 to cater to Islamic finance principles.[5][18] Other notable subsidiaries encompass FWD Life Insurance Corporation in the Philippines, FWD Singapore Pte. Ltd. in Singapore, FWD Life Insurance Company Limited in Vietnam, FWD Takaful Berhad in Malaysia for Shariah-compliant products, FWD Life Insurance Public Company Limited in Thailand, and FWD Life Insurance (Cambodia) Plc. in Cambodia.[18][38] Market-specific adaptations reflect local dynamics, with high digital penetration emphasized in Singapore and Vietnam through technology-driven distribution channels and a 98% cloud adoption rate group-wide.[4] In Indonesia and the Philippines, operations target the urban middle-class segment via accessible protection solutions amid rising insurance awareness in these emerging economies.[18] As of June 30, 2025, FWD Group employed 6,859 individuals across its regions, with 6,693 permanent staff supporting localized operations.[5] Regulatory compliance is maintained through licenses in each jurisdiction, including life insurance authorizations from bodies such as the Insurance Authority in Hong Kong SAR and the Financial Services Agency in Japan.[38] Strategic joint ventures enhance distribution, notably the exclusive bancassurance partnership with Siam Commercial Bank in Thailand, extended in 2023 for a further two years, and the 2024 distribution agreement with Bank Simpanan Nasional in Malaysia to expand access to life insurance products.[39][40]Products and Services
FWD Group offers a diverse portfolio of insurance products tailored to address protection needs across Asia, including life insurance such as term life, whole life, and endowment policies; medical and health insurance covering hospitalization, critical illnesses, and outpatient care; general insurance encompassing property, casualty, and travel protections; and employee benefits programs that provide group life, health, and retirement solutions for businesses.[41][42][43] The company emphasizes digital innovations to enhance customer experience, featuring app-based claims processing that leverages artificial intelligence for faster approvals and fraud detection, AI-driven personalization for customized policy recommendations based on individual risk profiles and lifestyles, and the FWD+ loyalty program introduced in 2025, which rewards policyholders with exclusive benefits like wellness perks and premium rebates to foster long-term engagement.[44][45][46] FWD Group primarily targets middle-income demographics in Asia, focusing on underserved segments in emerging markets where protection gaps persist due to low insurance penetration and rising healthcare demands amid economic growth.[47][48] Service delivery adopts an omnichannel approach, integrating traditional agents with digital platforms like mobile apps and online portals, alongside strategic partnerships with banks, technology firms such as AWS and Microsoft, and health providers to ensure seamless access and distribution.[49][50][51] Key differentiators include accelerated underwriting processes enabled by AI for select low-risk policies, and expanded mental health coverage, which integrates support for conditions like anxiety and depression into critical illness and health plans to address growing regional awareness of psychological well-being.[44][52][48]Corporate Governance
Leadership Team
The leadership team of FWD Group is led by Group Chief Executive Officer Huynh Thanh Phong, who has held the position since his appointment in March 2014, bringing extensive experience from his prior role as a deputy CEO at AIA Group. Phong oversees the company's pan-Asian operations, focusing on innovation in life and health insurance to drive growth across 10 markets. Under his tenure, FWD has expanded its digital capabilities and achieved significant new business sales, including a 37% year-on-year increase in the first nine months of 2025.[53][54][55] FWD Group was founded in 2013 by Richard Li Tzar Kai, who serves as an executive director and maintains influence through his majority ownership via Pacific Century Group, holding a 66.5% stake as of the company's 2025 IPO. The board is chaired by Frederick Ma Si Hang, an independent non-executive director appointed to the role to provide strategic oversight with his background in public service and finance.[56][57] Key executives include Sid Sankaran, who was appointed Group Chief Financial Officer and Group Chief Operating Officer in September 2023, succeeding in managing financial strategy and operations with over 25 years of experience from roles at SiriusPoint and other financial firms. The Group Chief Digital Officer, Ryan Kim, leads technology initiatives to enhance customer experiences through AI and digital platforms, contributing to FWD's innovation hub established in Singapore in 2025.[58][7] Regional leadership features executives with deep market expertise, such as Ken Lau as Managing Director, Greater China, and Chief Executive Officer for Hong Kong and Macau, driving localized growth in core markets. In Japan, Tsuyoshi Ijichi was appointed President and CEO in January 2025, leveraging his prior experience at MetLife to expand FWD's presence in the mature insurance sector.[59][60] The board comprises a mix of independent non-executive directors, industry experts, and representatives linked to Pacific Century Group, emphasizing governance post-IPO. Notable 2025 changes include the appointments of Andrew Weir (former HSBC executive and Audit Committee member), Dominic Leung Ka Kui (finance veteran), and Laura Deal-Lacey (sustainability specialist), effective February 18, replacing retiring director Richard Sun Po Yuen to bolster expertise in risk, finance, and ESG amid expansions.[61][62]Ownership and Structure
FWD Group was established in 2013 as a private entity under the control of Pacific Century Group (PCG), the investment conglomerate founded by Hong Kong billionaire Richard Li, which held the majority stake in the company prior to its initial public offering.[57] PCG maintained operational and strategic oversight through its ownership, positioning FWD as the insurance arm of the broader conglomerate focused on pan-Asian markets.[63] The corporate structure of FWD Group centers on FWD Group Holdings Limited, incorporated as an exempted company with limited liability in the Cayman Islands, serving as the ultimate parent entity.[64] This holding company oversees a network of wholly-owned or majority-owned subsidiaries operating in key Asian markets, including Hong Kong, Japan, Singapore, Thailand, the Philippines, Indonesia, Vietnam, Malaysia, Cambodia, and Macau, each tailored to local regulatory requirements for insurance licensing and operations.[65] Following its listing on the Hong Kong Stock Exchange (HKEX) under stock code 1828 on July 7, 2025, the parent company became subject to public market disclosures while retaining centralized control over group-wide strategy and risk management.[66][67] Post-IPO, PCG continues to hold a majority stake of approximately 66.45% in FWD Group Holdings Limited through intermediate holding entities, ensuring ongoing influence over major decisions.[57][68] The public float stands at around 33.55%, with shares distributed among retail and institutional investors; notable institutional holders include Crimson White Investment Pte Ltd. with a 5.344% stake and Fornax Holding Co. Ltd. with 3.672%, alongside other funds attracted by the IPO's focus on Asia's insurance growth.[69] This structure balances PCG's controlling interest with enhanced liquidity and broader investor participation, as required by HKEX guidelines.[70] FWD Group's governance framework adheres to the Corporate Governance Code outlined in Appendix C1 to the HKEX Listing Rules, emphasizing transparency, accountability, and risk oversight.[71] The board of directors has established key committees, including the Audit Committee for financial reporting and internal controls, the Risk Committee for enterprise-wide risk management, the Nomination and Corporate Governance Committee for director appointments and compliance, and the Compensation Committee for executive remuneration.[72][73] Additionally, the company integrates ESG reporting standards into its practices, with the board delegating oversight of sustainability goals to the Group Executive Committee to align with international benchmarks and stakeholder expectations.[74]Financial Performance
Key Financial Metrics
FWD Group's financial performance has demonstrated steady growth in key insurance metrics, particularly in new business indicators, amid the adoption of IFRS 17 accounting standards in 2023, which shifted revenue recognition from upfront premiums to service margins over time. Insurance revenue remained stable at approximately US$2.7 billion in both 2023 and 2024, reflecting the impact of IFRS 17 on reported figures, while total weighted premium income (TWPI), a broader measure of premium activity, increased modestly by 3% year-over-year to US$6.6 billion in 2024.[75] This stability in revenue contrasts with robust expansion in underlying business volumes, driven by market penetration in Asia-Pacific. New business value (VNB), a critical metric for long-term profitability, rose 13.5% year-over-year to US$834 million in 2024, supported by an 18.6% increase in annualized premium equivalent (APE) new business sales to US$1.9 billion. In the first half of 2025, VNB accelerated to US$506 million, marking a 127% year-over-year gain, with APE sales surging 38% to US$1.25 billion; these gains were particularly strong in the health and protection segments, which accounted for a significant portion of VNB in key markets like Hong Kong and Macau. Assets under management, reflected in the total investment portfolio, stood at US$42 billion at the end of 2024, while overall total assets exceeded US$53 billion, surpassing US$50 billion for the first time and underscoring scale in a competitive landscape.[76][77][75] Profitability trends improved markedly, with operating profit after tax (OPAT) climbing 29% to US$463 million in 2024, fueled by positive contributions across all four geographic segments (Hong Kong & Macau, Japan, Southeast Asia, and other emerging markets) and enhanced margins in Asia-Pacific operations, where health products drove much of the uplift. For the first half of 2025, OPAT grew 9% to US$251 million, with net profit reaching US$47 million, highlighting sustained momentum in the health segment amid favorable claims experience and distribution efficiency. Expense management remained disciplined, with operating expense variances contributing to profitability, though specific ratios were not disclosed in interim reports.[76][77] Solvency positions remained robust, with the group-level local capital summary method (LCSM) cover ratio improving to 283% in the first half of 2025 from 260% at the end of 2024, well above regulatory requirements across all operating markets. This capital adequacy supports ongoing expansion while maintaining financial resilience. Comparatively, FWD's 13.5% VNB growth in 2024 aligned closely with regional peers, outperforming Prudential's 11% new business profit increase but trailing AIA's 18% VONB growth, positioning FWD as a fast-scaling challenger in Asia-Pacific insurance.[77][76][78][79]| Metric | 2023 | 2024 | H1 2025 |
|---|---|---|---|
| VNB (US$m) | 734 | 834 (+13.5%) | 506 (+127%) |
| APE New Business Sales (US$m) | 1,615 | 1,916 (+18.6%) | 1,246 (+38%) |
| OPAT (US$m) | 360 | 463 (+29%) | 251 (+9%) |
| Total Assets (US$b) | 52.7 | 53.7 | N/A |
| LCSM Cover Ratio (%) | N/A | 260 | 283 |