FWD Limited and FWD Group Limited – consolidated subsidiaries of FWD Group Holdings Limited (“FWD Group” or “the Company”) – announced updates and additional information, including FWD Group’s results for the six months ended 30 June 2022, as part of announcements made today to the Hong Kong Exchange (“HKEX”) in relation to their respective listed notes and perpetual securities.
As detailed in the filing, FWD Group continued to deliver strong organic growth in the first half of 2022, with its value of new business (“VNB”) reaching US$405 million, up 25% compared to the prior year period. The Company also reported that its segmental adjusted operating profit before tax was US$200 million, more than double the prior year period.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “We continued our strong track record of consistently delivering organic growth, demonstrating that our strategy is working. In nine years, FWD Group reached critical scale and hit an inflection point. Our performance is even more impressive considering the headwinds that the industry and communities in Asia continue to face in navigating the COVID-19 pandemic this year.
“We are changing the way people feel about insurance through our customer-led approach, which combines our digitally-enabled platform and trusted distribution channels. Life insurance in Asia is a massive and underserved market and we are well-positioned to capture the region’s digitally-savvy, rising middle class with our proven ability to make insurance easy.”
Today’s announcement provided bondholders with an update on the consent solicitation process. It also provided bondholders with additional information on the financial performance of FWD Group, the entity that will be substituted as issuer of the securities if the previously communicated proposals are implemented in full.
The announcements are available on the HKEX’s website.