FWD Group announces update to bond consent solicitation and publication of first quarter new business highlights

HONG KONG, June 6, 2023 /PRNewswire/ -- FWD Limited and FWD Group Limited – consolidated subsidiaries of FWD Group Holdings Limited ("FWD Group" or "the company") – have announced updates and additional information, including 2023 first quarter new business highlights for FWD Group, in filings made today with the Hong Kong Exchange ("HKEx") in relation to their listed notes and perpetual securities.

As detailed in the filings, FWD Group continued to deliver strong organic growth in the first quarter of 2023, with value of new business of US$247 million, up 35 percent^[1] compared to the first quarter of 2022.

The new business results reflect a strong recovery in Hong Kong, following the reopening of travel with Mainland China. In Thailand, the company's successful bancassurance partnership continues to deliver high-margin business. The Emerging Markets segment posted strong new business growth and value, reflecting the focus on protection and higher-margin products.

Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, "FWD is ten years young and our consistent results have demonstrated that our digitally-enabled model is working. The sustained growth reflects our commitment to put customers at the heart of everything we do. As we look ahead, FWD remains well-positioned for the expanding insurance sector in Asia - a region with a significant protection gap, accelerating demand for digital services and growing middle-class populations."

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 (including under the new IFRS17 international financial reporting accounting standard) – 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.

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.

For more information, please visit www.fwd.com

SOURCE FWD Group Holdings Limited