FWD witnesses new business sales jump 22% in 9M23

The value of new business rose to $724m year-on-year (YoY).

FWD Group Holdings (FWD) said its new business sales surged by 22% to $1.25b in the nine months to September 2023.

The value of new business rose to $724m, marking a substantial 21% increase when compared to the same period in 2022.

The company attributed its results to the continued recovery in Hong Kong SAR and Macau SAR, driven by the return of Mainland Chinese visitors. Thailand and Cambodia also saw robust growth in the value of new business, particularly through the agency channel.

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The emerging markets segment experienced significant growth in the value of new business, excluding Vietnam, where market disruptions persisted.

In Japan, FWD's strategic focus on the individual protection business led to a reduction in its corporate-owned life insurance business, which has now been largely phased out.

It's worth noting that over the three-year period concluding in 2022, FWD Group achieved growth in the value of new business, boasting a compound annual growth rate of 33%.