🚀 FWD Group Reports Record Profit for Second Consecutive Year
#FWDGroup #FinancialResults #RecordProfit #Insurance #AnnualPremiums #HongKong #Macau #Japan #EmergingMarkets #BusinessGrowth #ProfitMargin #CashFlow #ShareholderValue
FWD Group has announced its first full-year financial results since going public, reporting a profit of $166 million for the previous year, marking a record high for the second consecutive year. According to RTHK, the company also recorded positive operating cash flow for two years in a row. Shareholder profit amounted to $104 million, reversing a loss of $78 million from the year before. Post-tax operating profit attributable to shareholders rose by 21% to $440 million, with no dividends declared.
Annualized new premiums grew by 25% to $2.45 billion, with the strongest performance in Hong Kong and Macau, where growth reached 51% to $1.21 billion. Japan and emerging markets saw increases of 11% and 27%, respectively, while Thailand and Cambodia experienced a decline of 6%.
The value of new business increased by 11% to $950 million, although the new business profit margin fell by 5.1 percentage points to 38.6%. In Hong Kong and Macau, the margin decreased by 1.9 percentage points to 39.6% due to a rise in the risk discount rate, while Japan saw the largest drop of 9.7 percentage points to 64.9%.
The new business contract service margin rose by 18% to $1.48 billion, reflecting improved operational leverage and growth in annualized new premiums. By the end of the year, the leverage ratio had decreased to 21.3%, down 4.2 percentage points year-on-year, approaching the target range of 15% to 20%.#FWDGroup #FinancialResults #RecordProfit #Insurance #AnnualPremiums #HongKong #Macau #Japan #EmergingMarkets #BusinessGrowth #ProfitMargin #CashFlow #ShareholderValue
🚀 FWD Group Announces Key Management Appointments
#FWDGroup #ManagementAppointments #ExecutiveDirector #CFO #ChiefActuary #CEO #Thailand #CorporateNews
FWD Group has announced several key management appointments. According to Ming Pao, David Junius will assume the role of Executive Director and Group Chief Financial Officer starting July 1, and will serve as Acting Group Chief Financial Officer effective immediately. Additionally, Huang Jianbang has been appointed as the Group Chief Actuary, effective immediately. Knattapisit Krutkrongchai, also known as KK, will take on the position of CEO of FWD Thailand beginning May 11. All appointments are subject to approval by relevant regulatory authorities.#FWDGroup #ManagementAppointments #ExecutiveDirector #CFO #ChiefActuary #CEO #Thailand #CorporateNews