FWD Group Holdings Limited has reported significant growth in its new business for the first nine months of 2024, reflecting a range of initiatives across its Asia-Pacific markets.
The insurer’s performance update included new business metrics, recent collaborations, and investments aimed at expanding its market presence.
As of Sept. 30, 2024, FWD Group’s value of new business (VNB) reached $623 million, marking a 16% increase compared to the same period in 2023. The group’s new business sales also rose to $1.379 billion, an improvement of 13% year-on-year.
The quarter saw FWD partner with healthcare firm Roche to launch a diagnostic-focused health insurance solution under its HealthyMe accident and health line. This initiative aims to enhance coverage for customers by leveraging health insights and innovation in diagnostics.
In line with its development goals, FWD renewed its partnership with INSEAD in September for another four years. This collaboration supports training and development for FWD’s agency leaders, equipping them with advanced leadership skills.
Additionally, the company commemorated its 11th anniversary in August by establishing 11 community grants, targeting areas like financial literacy, social entrepreneurship, and community health.
See LinkedIn post here.
Huynh Thanh Phong, CEO and executive director of FWD Group, said that the company’s customer-centric strategy has driven its business growth.
“At FWD, we pride ourselves on being a customer-led company, and this commitment has delivered another solid set of new business results,” he said.
FWD’s growth was spread across its four primary regional segments:
New business sales growth was particularly strong in Hong Kong and Macau, driven by local demand and an increase in Mainland Chinese visitors.
The emerging markets segment, which includes the Philippines and Singapore, posted continued growth in new business sales, though challenges in Vietnam presented some constraints.
Japan’s growth in new business sales was attributed to demand for individual protection policies, while economic uncertainty in Thailand moderated sales growth in that market. Despite these economic headwinds, FWD indicated its strong positioning within Thailand’s insurance landscape.
