FWD’s first net profit under IFRS 17, records $24m in FY 2024

Operating profit after tax rose 29% year-on-year.

FWD Group recorded a net profit of $24m for fiscal year 2024 (FY 2024), marking its first profit under International Financial Reporting Standard (IFRS) 17. 

Operating profit after tax rose 29% year-on-year (YoY) to $463m, with positive growths from all four geographic reporting segments: Hong Kong SAR & Macau SAR, Thailand & Cambodia, Japan, and Emerging Markets.  

New business contractual service margin (CSM) reached $1.2b, reflecting a 31% underlying year-on-year growth. 

The company also recorded positive operating cash flow for the first time, supported by record dividends of over $600m from its geographic business segments. 

CEO Huynh Thanh Phong highlighted the company’s strong financial performance, noting that all four business segments contributed to its first net profit under IFRS 17. 

He also emphasised growth in new business CSM and the company’s investment in digital transformation, including the launch of FWD Private and the FWD Cube agency management platform in Thailand, the Philippines, Malaysia, and Vietnam.  

New business sales (APE) grew 19%, driven by strong performances in Hong Kong SAR & Macau SAR and Emerging Markets, whilst Japan saw modest growth in its individual protection business. 

Sales in Thailand & Cambodia declined due to weaker macroeconomic conditions.