Moody’s sees stronger earnings ahead for FWD Group

Its July 2025 listing in Hong Kong boosted financial flexibility and capital access.

Moody’s expects FWD Group’s earnings and capital generation to improve over the next 12 to 18 months, supported by stronger profitability, improved cost efficiency, and continued growth across Asia.

In the first quarter of 2025, the group’s value of new business rose 32% year-on-year, whilst new business contractual service margin increased by 55%. 

Since 2023, all four of FWD’s key markets have reported positive operating profits.

FWD’s Group-Wide Supervision capital coverage ratio stood at 260% at end-2024. 

Its July 2025 listing in Hong Kong raised $442m, boosting financial flexibility and capital access.

Moody’s also cited reduced expense overruns and stronger operating assumptions as factors supporting future earnings. 

However, high financing costs and exposure to less-developed markets may limit near-term improvements in earnings coverage.

The outlook remains stable, reflecting expectations that FWD will continue strengthening its financial position whilst managing leverage.