FWD Group (1828) Q1 2026 earnings summary

Executive summary

• New business sales rose 4% year-over-year to US$720 million (APE basis) for Q1 2026, with strong contributions from Japan and Expansion Markets, and solid performance in Hong Kong & Macau.

• New business contractual service margin (NB CSM) increased 18% year-over-year to US$556 million, reflecting margin expansion from favorable product mix and operating leverage.

• Value of new business (VNB) grew 7% year-over-year to US$314 million, with VNB margin up 1.2 percentage points to 43.5%.

• 11 new products were launched regionally, and the company continues to benefit from a diversified pan-Asian footprint and multi-channel distribution.

Financial highlights

• NB CSM margin improved to 78.4% from 69.7% year-over-year, up 9.0 percentage points.

• Bancassurance contributed 41% of new business sales, brokerage/IFA 38%, and agency 15%.

• Growth in NB CSM and VNB underpins higher CSM balance and embedded value (EV) growth.

Outlook and guidance

• New business sales momentum is expected to continue through 2026, with margins likely to moderate as seasonal impacts unwind.

• Long-term growth and sustainable value creation are anticipated, supported by diversified distribution, product innovation, and digital adoption.