Fwd Group Holdings Limited · HKEX:1828
Fwd — 1H 2026 Earnings Presentation
40 slides from Fwd's earnings presentation, Aug 26, 2026
Slide 1: FWD Group 2026 interim results presentation
Celebrate living fwd.com FWD Group 2026 interim results presentation 26 August 2026
Slide 2: Disclaimer
Disclaimer This document (“document”) has been prepared by FWD Group Holdings Limited (the “Company”, and together with its subsidiaries, “FWD” or the “Group”) solely for use at the presentation held in connection with the announcement of the Company’s financial results (the “presentation”). Referen
Slide 3: FWD Group delivered profitable growth and value in the first half of 2026
FWD Group delivered profitable growth and value in the first half of 2026 New business sales (APE) 1 ($m) New business CSM ($m) Value of new business ($m) 1,246 7% 1,348 25% 996 18% 602 794 506 Growth 1H25 1H26 1H25 1H26 1H25 1H26 OPAT2 ($m) NPAT2 ($m) Expense variance3 ($m) 298 172 251 20% 269% 39
Slide 4: Business highlights
Business highlights
Slide 5: Winning in our home markets in Asia
Winning in our home markets in Asia 5
Slide 6: Capturing profitable growth opportunities in Hong Kong and Japan
Capturing profitable growth opportunities in Hong Kong and Japan FWD Hong Kong & Macau •••••••••••••••••••••••••••••••••••••••••••••• Balanced growth from diversified distribution strategy and customer base New business CSM Growing agency channel Strong brokerage/IFA and Diversified customer base ($
Slide 7: Capitalising on Southeast Asia’s growth potential
Capitalising on Southeast Asia’s growth potential SEA growth is set to outpace developed markets… …with FWD well-positioned to benefit given larger exposure Total life insurance premium income 2025A-2036E CAGR APE breakdown by market (%) FWD SEA 1H25-1H26 APE growth: 9%3 FWD SEA markets 6% 44% 5.8%
Slide 8: Creating value through quality improvement and scalable growth in SEA
Creating value through quality improvement and scalable growth in SEA FWD Thailand & Cambodia ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Top bancassurer and one of Thailand’s leading insurers New business CSM Digital integration Improved efficiency & Market leading insurer driving
Slide 9: Distribution tailored for each market
Distribution tailored for each market 9
Slide 10: Diversified distribution model delivering strong growth
Diversified distribution model delivering strong growth Bancassurance Brokerage / IFA VNB growth1 +13% +31% VNB growth1 APE growth1 +7% +8% APE growth1 41% 1H26 VNB2 41% 602m Ecosystem partnerships Agency and others3 6% 12% VNB growth1 +35% +2% VNB growth1 APE growth1 -7% +14% APE growth1 Note: 1 Gr
Slide 11: Bancassurance growth driven by deep and scalable partnerships
Bancassurance growth driven by deep and scalable partnerships Strong bancassurance platform with regional leadership Bancassurance VNB ($m) 13% 7 exclusive partnerships and A leading bancassurer in 249 215 CER 34 bancassurance Southeast Asia1 partnerships in total including national champion banks N
Slide 12: Expanded HNW capabilities drive growth in brokerage/IFA channel
Expanded HNW capabilities drive growth in brokerage/IFA channel Robust expansion in global HNW segment Brokerage/IFA VNB ($m) Catering to world- ~2,700 31% 248 wide HNW brokerage CER customers’ global and IFA partners investment and across the Group 191 legacy planning Operates in: needs > 2x intern
Slide 13: Improving agency distribution through technology
Improving agency distribution through technology Growth opportunities in agency channel Agency VNB ($m) Agent productivity Digitally empowered >30%1 agency force with FutureMe agent programme FWD Cube & Agent AI launched in Thailand, 2% assistant implemented in 73 showing improvement in 71 CER South
Slide 14: Transforming insurance through technology
Transforming insurance through technology 14
Slide 15: Gen AI-enabled technology driving early tangible gains
Gen AI-enabled technology driving early tangible gains OneMod Common, enterprise-grade microservices layer delivering application-ready data and AI readiness at scale >92% >2x consistently high higher new “Great” & “Good” FWD Omne AI Assistant policy growth in service satisfaction Japan1 Customer Di
Slide 16: Financial results
Financial results
Slide 17: Record financial performance in the first half of 2026
Record financial performance in the first half of 2026 $996m (+25%) 74.9% (+10.6 pps) $1,348m $602m (+18%) (+4.1 pps) 44.7% Growth Profitability (+7%) Profitability New business New business Value of new New business New business sales (APE) CSM CSM margin business margin Profitability $298m Profita
Slide 18: Hong Kong & Macau
Hong Kong & Macau New business sales (APE) New business CSM Operating profit after tax2 ($m) ($m) ($m) 1H25 - 1H26 YoY: +6% 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: +25% +32% 679 640 502 164 125 400 1H25 1H26 VNB ($m) 267 +25% 332 1H25 1H26 1H25 1H26 New business NB CSM 41.7% +7.2 pps 48.9% 63.2% +11.6 pps
Slide 19: Japan
Japan New business sales (APE) New business CSM Operating profit after tax2 ($m) ($m) ($m) 1H25 - 1H26 YoY: +29% 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: +22% -3% 76 63 121 93 85 106 1H25 1H26 VNB ($m) 44 +43% 59 1H25 1H26 1H25 1H26 New business NB CSM 69.7% +7.7 pps 77.3% 167.1% -9.0 pps 158.2% margin (%)
Slide 20: Thailand & Cambodia
Thailand & Cambodia New business sales (APE) New business CSM1 Operating profit after tax3 ($m) ($m) ($m) 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: -5% +15% +16% 311 311 241 98 199 81 1H25 1H26 VNB ($m) 137 -3% 139 1H25 1H26 1H25 1H26 New business NB CSM 44.1% +0.8 pps 44.8% 64.7% +12.9 pps
Slide 21: Expansion Markets
Expansion Markets1 New business sales (APE) New business CSM Operating profit after tax3 ($m) ($m) ($m) 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: 1H25 - 1H26 YoY: +23% +52% +14% 133 282 232 43 89 38 1H25 1H26 VNB ($m) 58 +36% 78 1H25 1H26 1H25 1H26 New business NB CSM 25.1% +2.7 pps 27.8% 39.8% +9.3 pps 48.
Slide 22: Higher CSM release driving growth in profitability
Higher CSM release driving growth in profitability 1H 2026 IFRS 17 OPAT bridge ($m) Operating expenses CSM release Insurance service result Low single-digit growth OPAT +26% 421 +34% 475 530 +2% 541 298 336 353 251 +20% 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 90 36 53 475 421 (35) 8 (180) 296 2 298
Slide 23: Record net profit driven by new business growth and expense discipline
Record net profit driven by new business growth and expense discipline 1H 2026 IFRS 17 OPAT to NPAT ($m) Non-market Related Market Related Reduced from (112) in 1H25 97 393 Reduced effective tax rate from 63.9% in 1H25 to 34.5% in 1H26. 298 296 269% (2) (100) 24 1 YoY Growth (32) (27) 170 2 172 (89)
Slide 24: Higher organic CSM driven by strong profitable new business growth
Higher organic CSM driven by strong profitable new business growth 1H 2026 CSM1 evolution ($m) Operating change in CSM2 : $764m CSM release rate5 Improved from $607m in 1H 2025 13% 11% YTD growth 199 6 23 7,769 24 7,640 979 ( 153 ) 7,219 (421) 6,562 Positive operating variances and assumption change
Slide 25: EV increase driven by higher VNB, partially offset by ESR impact and economic factors
EV increase driven by higher VNB, partially offset by ESR impact and economic factors Expense variances2 ($m) 1H 2026 group embedded value (EV) evolution 39 ($m) 16 (32) EV operating profit (EVOP): $968m Including ESR 15% increase YoY impact of (151) 1H24 1H25 1H26 5% 602 47 Economic factors: $(537)
Slide 26: Capital generation impacted by one-time ESR adoption in Japan
Capital generation impacted by one-time ESR adoption in Japan Net underlying free surplus generation Net remittances2 Leverage ratio3 ($m) ($m) (%) Incl. one-off repatriation of Includes (74) impact from excess capital from FWD ESR implementation Life (Hong Kong) 417 381 21.3% 21.4% 541 102 29 512 9
Slide 27: Financial flexibility maintained despite one-off impact from Japan ESR implementation
Financial flexibility maintained despite one-off impact from Japan ESR1 implementation Lower Japan solvency ratio under ESR – economic No material change in the Group’s current financial principles align well with our risk management approach flexibility expected after ESR implementation in running
Slide 28: Well-positioned to deliver sustainable growth and long-term value creation
Well-positioned to deliver sustainable growth and long-term value creation • Hong Kong & Japan’s high growth potential in HNW / savings Winning in segment 7% APE YoY home markets • Southeast Asian markets are estimated to double G7 growth 25% NB CSM YoY Tailored • Growing brokerage/IFA to capture gl
Slide 29: Appendix
Appendix
Slide 30: FWD Investor Relations
FWD Investor Relations Contact IR team Expected results release plan Current expected Results period results release date 1 Content Email: New business investor.relations@fwd.com 3Q26 Oct 2026 results Full financial FY26 Mar 2027 disclosure New business 1Q27 Apr 2027 results Full financial 1H27 Aug
Slide 31: Credit ratings reflect our strong balance sheet
Credit ratings reflect our strong balance sheet Company Insurance Current rating FWD Life Insurance Company Insurance Financial Strength Rating / A2 / Stable A / Positive (Bermuda) Limited Insurer Financial Strength (FWD HK)1 Insurance Financial Strength Rating / A2 / Stable - FWD Re SPC, Ltd Insure
Slide 32: Well-diversified debt maturity profile with no bond maturities until 2030
Well-diversified debt maturity profile with no bond maturities until 2030 Simplified capital structure and lengthened maturity profile • Sep-Oct 2025: US$575m dual-tranche 5yr and 10yr subordinated securities issued; retired US$900m subordinated notes and US$750m perpetual capital securities • Jul-A
Slide 33: High quality, well diversified investment portfolio
High quality, well diversified investment portfolio1 Participating funds and Other policyholder and shareholder assets other participating businesses’ assets2 Investment 3.5% Equity securities, Cash & Fixed income investment funds property others yield Equity securities, Government Cash and others &
Slide 34: Private credit exposure remains modest at ~1% of invested assets
Private credit exposure remains modest at ~1% of invested assets 1H 2026 Participating funds and Other policyholder Asset type ($bn) other participating and shareholder Total business assets assets Small allocation at <0.5% of other Private equity 2.7 0.9 3.6 policyholder and share holder assets Pri
Slide 35: Differentiated propositions focused on customer needs
Differentiated propositions focused on customer needs Diverse propositions… …tailored for various customer needs in different markets4 Hong Kong and Macau Japan Individual Non- Individual Non- Participating Unit-linked Protection participating Protection participating 91% 6% 2% 56% 37% 7% 17% 11% 1H
Slide 36: Embedded value: economic assumptions
Embedded value: economic assumptions Risk discount rates (%) 13.0% 13.0% 12.6% 12.6% 10.7% 10.7% 8.5% 8.5% 8.7% 8.7% 7.6% 7.6% 7.0% 7.0% 7.4% 7.4% Hong Kong & Macau 1 Thailand Japan Indonesia Philippines Vietnam Singapore Malaysia Long-term investment returns (10-year government bond) (%) 6.5% 6.5%
Slide 37: Embedded value and value of new business sensitivities
Embedded value and value of new business sensitivities Key embedded value sensitivities1 (%) (0.9)% (1.2)% (1.9)% (2.1)% (2.6)% (2.9)% (3.1)% (2.9)% (5.7)% (6.2)% (6.8)% (8.5)% RDR +100bps Equities -10% Interest rates +50bps Lapses +10% Mortality / morbidity +10% USD +5% 2025 1H 2026 Key value of ne
Slide 38: IFRS 17: risk-free rates with illiquidity premium
IFRS 17: risk-free rates with illiquidity premium Risk-free rate (“RFR”) with illiquidity RFR with illiquidity premium – HKD RFR with illiquidity premium – THB premium – USD 5.9% 4.2% 4.1% 4.3% 4.2% 5.3% 5.5% 5.6% 5.8% 3.9% 3.9% 3.9%4.0% 5.0% 5.0% 3.4% 3.5% 3.6% 4.8% 3.2% 4.5% 3.2% 4.3% 2.8% 2.6% 2.
Slide 39: Group LCSM cover ratio (PCR basis) sensitivities
Group LCSM cover ratio (PCR basis1) sensitivities Interest rate and FX sensitivities reduction due to 1H 2026 higher Thailand interest rates and Japan ESR implementation 2.8% 1.0% 1.1% (0.4%) (1.2%) (1.0%) 20252 3.1% 3.5% 1.3% (2.1%) (3.3%) (14.1%) Equities Equities Interest rates Interest rates USD
Slide 40: 1H 2026 comprehensive tangible equity (CTE)
1H 2026 comprehensive tangible equity (CTE) ($m) YE25-1H26 CTE growth (CER): 5% 165 59 8,825 8,717 697 619 117 (319) (1,230) Opening CTE Net profit/(loss) Fair value Net finance Foreign currency Other capital Net CSM movement Intangible assets Closing CTE gains/(losses) on assets income/(expenses) t