Higher-margin products and Asian market gains boosted nine-month profitability.

FWD Group Holdings' value of new business (VONB) rose 18% to $878m in the first nine months of 2026, driven by higher-margin products and growth across its Asian markets.

New business contractual service margin increased 22% year on year to $1.4b for the nine months ended 30 September 2026.

New business sales reached $1.95b on an annualised premium equivalent (APE) basis, with growth despite a strong comparison period in 2025, particularly in Hong Kong and Macau.

FWD Group said the increase in new business profitability reflected a shift in product mix, particularly in Hong Kong, where medium-term endowment products accounted for a significant share of sales in 2025.

In Thailand, the insurer returned to new business sales growth in the latest quarter, supported by higher-margin products and changes to its distribution strategy.

However, a prolonged low interest-rate environment partly offset the gains.

Japan continued to deliver growth in new business sales and profitability, driven by demand for savings and retirement products amidst higher interest rates.

The group's Expansion Markets segment also recorded growth, supported by investment-linked product sales in Singapore, higher sales to affluent customers in the Philippines and its digital channel in Malaysia.

Its Indonesian joint venture, BRI Life, continued to lead the market in bancassurance.

FWD Group CEO and executive director Huynh Thanh Phong said disciplined execution, improved margins and diversification across its pan-Asian business were supporting profitable growth.