Pan-Asian life insurer FWD Group has released its full-year 2022 financial results, detailing growth within various sectors of the company.
FWD Group continued to deliver strong organic growth in 2022, translating to new business value of US$823 million, an uptick of 29% compared to 2021. The insurer also reported an 83% increase in its 2022 segmental adjusted operating profit before tax, which reached US$334 million.
“FWD once again posted strong financial results despite the ongoing COVID-19 headwinds in 2022. This reflects the trust our customers place in us and the commitment of our people, partners and distributors across the region. We’ve emerged from the pandemic as a stronger company, protecting more people with our digitally-enabled platform,” said Huynh Thanh Phong, FWD Group CEO and executive director.
With the APAC insurer marking its 10th anniversary year this 2023, Huynh noted the company’s excitement about the company’s future. Across many parts of Asia, the insurer continues to see a post-pandemic period 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,” he said.
FWD Group also said in their announcement that the company raised a total of US$1.825 billion in private placements in 2021 and 2022 to support the insurer’s growth plans. Investors included global and regional institutions such as Apollo, the Canada Pension Plan Investment Board, 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.
A recent survey conducted by the Asian insurer revealed Hongkongers’ and Global Bay Area residents’ concerns over growing medical expenditure in the next decade, with severe ramifications aimed at medical insurance allocation.
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