News releases
News release
FWD Group announces update to bond consent solicitation and publication of annual results
28 February 2023 | Hong Kong
FWD Limited and FWD Group Limited – consolidated subsidiaries of FWD Group Holdings Limited (“FWD Group” or “the Company”) – announced updates and additional information, including full year 2022 results for FWD Group, within 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 2022, with value of new business of US$823 million, up 29 percent1 compared to 2021. The Company reported an 83 percent increase in its 2022 segmental adjusted operating profit before tax which reached US$334 million.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “FWD once again posted strong financial results despite the ongoing COVID-19 headwinds in 2022. This reflects the trust our customers place in us and the commitment of our people, partners and distributors across the region. We’ve emerged from the pandemic as a stronger company, protecting more people with our digitally-enabled platform.
“As FWD Group marks its 10th anniversary year in 2023, we’re more excited than ever about the future. Across many parts of Asia, we’re seeing a post-pandemic period emerging that’s full of energy, opportunity and optimism. Of course, there will be challenges to overcome. However, FWD is perfectly positioned for the expanding insurance sector in a region with a huge protection gap, accelerating demand for digital services and growing middle-class populations.”
FWD Group also noted that it raised a total of US$1.825 billion in private placements in 2021 and 2022 to support the Company’s growth plans. Investors included global and regional institutions such as Apollo, the Canada Pension Plan Investment Board, Huatai, Li Ka Shing Foundation, Metro Pacific Investments Corporation, ORIX Asia Capital, Pacific Century Group, The Siam Commercial Bank Public Company Limited and Swiss Re.
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 in relation to the consent solicitation process are implemented in full. The announcements are available on the HKEx’s website.
As detailed in the filing, FWD Group continued to deliver strong organic growth in 2022, with value of new business of US$823 million, up 29 percent1 compared to 2021. The Company reported an 83 percent increase in its 2022 segmental adjusted operating profit before tax which reached US$334 million.
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, “FWD once again posted strong financial results despite the ongoing COVID-19 headwinds in 2022. This reflects the trust our customers place in us and the commitment of our people, partners and distributors across the region. We’ve emerged from the pandemic as a stronger company, protecting more people with our digitally-enabled platform.
“As FWD Group marks its 10th anniversary year in 2023, we’re more excited than ever about the future. Across many parts of Asia, we’re seeing a post-pandemic period emerging that’s full of energy, opportunity and optimism. Of course, there will be challenges to overcome. However, FWD is perfectly positioned for the expanding insurance sector in a region with a huge protection gap, accelerating demand for digital services and growing middle-class populations.”
FWD Group also noted that it raised a total of US$1.825 billion in private placements in 2021 and 2022 to support the Company’s growth plans. Investors included global and regional institutions such as Apollo, the Canada Pension Plan Investment Board, Huatai, Li Ka Shing Foundation, Metro Pacific Investments Corporation, ORIX Asia Capital, Pacific Century Group, The Siam Commercial Bank Public Company Limited and Swiss Re.
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 in relation to the consent solicitation process are implemented in full. The announcements are available on the HKEx’s website.
1. All growth rates in this news release are represented on a constant exchange rate basis.
About FWD Group
FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance. Visit www.fwd.com
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