FWD Group achieved significant milestones in fiscal year 2024 (FY 2024), marking its first net profit under International Financial Reporting Standard (IFRS) 17. The company posted a net profit of $24 million, with operating profit after tax rising by 29% year-on-year (YoY), totaling $463 million. All four of FWD’s geographic segments—Hong Kong SAR & Macau SAR, Thailand & Cambodia, Japan, and Emerging Markets—contributed positively to this growth.
Key highlights for FY 2024 include:
New Business CSM: The company’s new business contractual service margin (CSM) reached $1.2 billion, reflecting a 31% YoY increase.
Operating Cash Flow: FWD generated positive operating cash flow for the first time, supported by over $600 million in record dividends from its geographic business segments.
Digital Transformation: The company invested in digital innovation with the launch of FWD Private and the FWD Cube agency management platform in multiple countries, including Thailand, the Philippines, Malaysia, and Vietnam.
CEO Huynh Thanh Phong praised the company’s strong performance, noting that growth in new business CSM and the ongoing digital transformation efforts contributed significantly to the success. He also acknowledged that while new business sales (APE) grew by 19%, driven by Hong Kong SAR & Macau SAR and Emerging Markets, sales in Thailand & Cambodia faced challenges due to weaker macroeconomic conditions.
Related topics
