FWD Group’s value of new business up 29% to $823m; $1.8trn raised in private placements

Written by Adam Cadle

28/02/2023

FWD Group continued to deliver strong organic growth in 2022, with the value of new business recorded at US$823m, up 29% compared to 2021, and it recorded an 83% increase in its 2022 segmental adjusted operating profit before tax which reached US$334m.

The group also noted that it raised a total of US$1,825bn in private placements in 2021 and 2022 to support the company’s growth plans. Investors included global and regional institutions such as Apollo, the Canada Pension Plan Investment Boards, Huatai, Li Ka Shing Foundation, Metro Pacific Investments Corporation, ORIX Asia Capital, Pacific Century Group, The Siam Commercial Bank Public Company Limited and Swiss Re.

FWD Group chief executive and executive director Huynh Thanh Phong said: “As FWD Group marks its 10th anniversary year in 2023, we’re more excited than ever about the future. Across many parts of Asia, we’re seeing a post-pandemic period emerging that’s full of energy, opportunity and optimism. Of course, there will be challenges to overcome.

“However, FWD is perfectly positioned for the expanding insurance sector in a region with a huge protection gap, accelerating demand for digital services and growing middle-class populations.”

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