Investment Rating - The report maintains a "Buy" rating for FWD Group (01828) despite a target price adjustment from HKD 46 to HKD 43 [1] Core Insights - FWD Group's new business value and contract service margin (CSM) exceeded expectations last year, indicating business growth and improved operational leverage [1] - The forecast for new business value and contract service profit for the fiscal years 2026 to 2028 has been raised by 11% to 13% and 8% to 12% respectively [1] - Although the company's performance last year was below expectations, management indicated that the Hong Kong business has recorded positive growth year-to-date [1] - The shift to an economic value-based solvency regulation in Japan may negatively impact the company, leading to a 6% reduction in the embedded value (EV) forecast [1]

Group 1: Market Overview - The Hang Seng Index experienced a rebound, closing up 368 points or 1.45%, indicating a potential recovery from recent geopolitical pressures [2][3] - The technology sector outperformed the market, with notable gains from major companies such as Tencent (+2%), Alibaba (+1.1%), and Meituan (+3.1%) [3] Group 2: Macro & Industry Dynamics - UBS predicts that the MSCI China Index is expected to outperform global markets by 5% this year, with a target of reaching 100 points by year-end, representing a potential increase of approximately 20% from current levels [6] - The Chinese economy's lower reliance on imported oil and the resilience of Chinese assets are highlighted as factors contributing to this positive outlook [6] - In February, the housing prices in 70 major cities in China fell by 3.2% year-on-year, marking the largest decline in eight months, although the monthly decline narrowed to 0.3% [7] Group 3: Company News - FWD Group reported record profits last year and expressed confidence in maintaining growth momentum, with plans to invest in business and talent [9] - Kwan Tai Group announced a significant increase in net profit by 1.7 times, with a total profit of 4.402 billion HKD for the year ending December 2025 [10] - Q Technology reported a net profit of 1.494 billion RMB, a year-on-year increase of 4.35 times, driven by a nearly 30% increase in revenue [12]

Financial Performance - Net profit reached $166 million, six times higher than the previous year, marking a record financial performance for the company[3]. - Operating profit after tax grew by 5% to $499 million, with positive contributions from various regions including Hong Kong, Macau, Thailand, Cambodia, Japan, and emerging markets[5]. - The company achieved a record financial performance in 2025, with total capital raised from the IPO amounting to HKD 3,611 million (approximately USD 466 million) to enhance capital strength and financial flexibility[32]. - The after-tax operating profit for 2025 reached $499 million, driven by a 24% increase in contract service margin balance to $6,562 million[34]. - The after-tax net profit for the year ending 2025 is $166 million, a significant increase from $24 million in 2024, driven by an increase in contract service margin release and reduced expenses[58]. Sales and Growth - New business sales increased by 25% year-on-year to $2.446 billion, with new business contract service margin growing by 18% to $1.476 billion[5]. - New business sales (annualized new premiums) reached USD 2,446 million in 2025, representing a 25% increase compared to 2024, with Hong Kong and Macau showing a significant growth of 51% driven by a balanced customer structure[33]. - The overall new business sales increased by 51% to $1,207 million in 2025, supported by robust domestic and overseas sales[110]. - The new business value increased to USD 945 million, reflecting an 11% growth, with adjusted growth rates of 25% and 23% when excluding certain economic factors[33]. - The new business value for 2025 is $945 million, an increase from $834 million in 2024, indicating strong growth in new business[79]. Equity and Assets - Total comprehensive equity increased by 18% to $8.72 billion, while embedded value rose by 19% to $6.85 billion[5]. - Comprehensive tangible equity grew by 18% to $8,717 million, while embedded value increased by 19% to $6,850 million compared to the end of 2024[35]. - The total assets as of December 31, 2025, amount to $62,363 million, an increase from $53,712 million in 2024, representing a growth of approximately 15.1%[65]. - The total liabilities as of December 31, 2025, are $55,486 million, up from $46,898 million in 2024, indicating an increase of about 18.3%[65]. - The company’s equity attributable to shareholders increased to $6,614 million in 2025 from $6,012 million in 2024, reflecting a growth of approximately 10%[65]. Solvency and Financial Stability - The solvency ratio remained strong at 265%, close to the target range of 15% to 20%[5]. - The solvency ratio improved to 265%, reflecting a strengthened financial foundation and liquidity position[14]. - The solvency ratio as of December 31, 2025, was 265%, with a basic free surplus net of $857 million, reflecting a 20% increase from 2024[36]. - The leverage ratio decreased from 25.5% at the end of 2024 to 21.3% at the end of 2025, approaching the target range of 15% to 20%[37]. - The local capital total surplus coverage ratio (specified capital requirement basis) rose from 260% as of December 31, 2024, to 265% as of December 31, 2025[87]. Market Position and Strategy - The company was included in the Hang Seng Composite Index and the MSCI Hong Kong Small Cap Index, enhancing its visibility to mainland investors[5]. - The company plans to continue executing its customer-centric strategy and focus on sustainable growth and profitability in high-growth Asian markets[6]. - The company aims to leverage favorable demographics and increasing wealth levels in Asia to address significant protection gaps in the market[101]. - The strategy focuses on a customer-centric approach and technology-enabled distribution models to provide tailored solutions and seamless experiences[102]. - The company plans to maintain a balanced and diversified distribution mix while leading in the bancassurance sector and building a high-quality agent team driven by digital and AI[104]. Product Development and Innovation - The company launched over 40 new products in 2025 to meet the demands for protection, health, and savings, with 92% of customers rating their insurance experience as "good" or "very good"[24]. - Innovative products launched in 2025 include the Greater Bay Area outpatient plan in Hong Kong and the Legacy Elite plans in Thailand, catering to specific market demands[138]. - FWD Japan introduced a yen-denominated annuity product, marking its entry into the savings and retirement business, providing capital guarantees and daily maximum benefit mechanisms[137]. - The company launched several innovative products in 2025, including a cross-border medical plan to meet rising healthcare demands in the Greater Bay Area[109]. - The FWD HealthyMe ecosystem focuses on preventive and diagnostic services, with innovative health plans like the liver health program in Thailand, developed in partnership with Roche, targeting early detection of liver cancer[135]. Customer Experience and Engagement - The net promoter score for claims processing reached 63, with a 7% increase in direct processing of customer transactions[24]. - The net promoter score for the FWD Omne claims application reached 87 in 2025, with 74% of customers rating the service experience as 5 out of 5[121]. - The company aims to enhance customer experience through digital innovation, including the introduction of WhatsApp for insurance product purchases in Indonesia and customer re-engagement in Hong Kong[174]. - An independent benchmark study by Qualtrics in 2025 indicated a high customer purchase sentiment score, with a significant percentage rating their experience as "good" or "very good"[177]. - The complaint ratio has remained low at approximately 0.2% annually from 2022 to 2025, reflecting the company's commitment to customer-centric service[172]. Technology and Digital Transformation - The company has migrated 99% of its applications to the cloud as part of its cloud-first initiative by December 31, 2025[164]. - The FWD Cube platform, upgraded with generative AI technology, has achieved an average of approximately 75% straight-through underwriting by December 2025[151]. - The digital transformation strategy is a core element, with the award-winning platform FWD MAX having over 447,000 members by the end of 2025[107]. - The use of AI models in targeted marketing campaigns has contributed to over 20% of annualized new premiums in the Thai bancassurance market[144]. - The company is leveraging advanced data analytics and AI to support its customer-centric approach in the insurance process[163]. Regulatory and Compliance - The company was recognized as an internationally active insurance group by the International Association of Insurance Supervisors, highlighting its scale and compliance with regulatory standards[16]. - The financial statements have been prepared in accordance with International Financial Reporting Standards, reflecting the group's financial position and performance accurately as of December 31, 2025[178]. - The audit committee assists the board in overseeing the financial reporting process of the company[192]. - The auditors aim to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error[193]. - Management's estimates for goodwill impairment involve significant assumptions regarding forecasted cash flows and discount rates, which require substantial auditor judgment[188].

富衛集團有限公司 風險委員會 職權範圍 釋義 董事 指董事會成員。 企業風險管理框架 指董事會根據風險胃納不時批准的本集團風險及合規治 理及管理框架。 1 1. 就本職權範圍（「本職權範圍」）而言： 資產負債管理 委員會 指由集團行政總裁委任的管理委員會，負責管理本集團 資產及負債。 審核委員會 指由董事會決議設立的審核委員會。 董事會 指本公司董事會。 本公司 指富衛集團有限公司。 公司秘書 指本公司公司秘書。 薪酬委員會 指由董事會決議設立的薪酬委員會。 合規及營運 風險委員會 指由集團行政總裁委任的管理委員會，負責管理本集團 的合規及營運風險。 國家實體 指受監管機構直接監管並在地方層面開展本集團業務的 任何本集團成員公司。 國家風險委員會 指由國家實體的行政總裁或董事會委任以管理相關國家 實體的風險的管理層或董事會委員會。 ESG 指環境、社會及管治。 執行委員會成員 指集團行政總裁及其直接下屬。 本集團 指本公司及其附屬公司。 股東 指本公司股東。 目標 12. 風險委員會可就風險委員會認為適當的任何目的成立由兩名或以上成員組成 的小組委員會，並可將風險委員會認為適當的有關權力及授權授予該等小組 委 ...

富衛集團有限公司 提名及企業管治委員會 職權範圍 釋義 1. 就本職權範圍（「本職權範圍」）而言： | 董事會 | 指本公司董事會。 | | --- | --- | | 董事會成員多元化政策 | 指董事會於2022年5月採納及其後不時修訂或 | | | 修改的政策。 | | 本公司 | 指富衛集團有限公司。 | | 董事 | 指董事會成員。 | | ESG | 指環境、社會及管治。 | | 執行委員會成員 | 指集團行政總裁及其直接下屬。 | | 本集團 | 指本公司及其附屬公司。 | | 集團行政總裁 | 指本公司集團行政總裁。 | | 管控要員 | 指香港《保險業條例》（第41章）第95A條所賦 | | | 予管控要員的涵義。 | | 上市規則 | 指香港聯合交易所有限公司主板證券上市規 | | | 則。 | | 大綱及細則 | 指本公司不時生效的組織章程大綱及組織章 | | | 程細則。 | | 提名政策 | 指董事會於2022年5月30日採納及其後不時 | | | 修訂或修改的政策。 | | 提名及企業管治委員會 | 指根據本職權範圍由董事會決議設立的董事 | | | 委員會。 | | 股東 | 指本 ...

富衛集團有限公司 薪酬委員會 職權範圍 釋義 1 1. 就本職權範圍（「本職權範圍」）而言： 董事會 指本公司董事會。 本公司 指富衛集團有限公司。 薪酬委員會 指根據本職權範圍由董事會決議設立的董事委員會。 董事 指董事會成員。 股權激勵計劃 指(i)本公司於2022年1月30日採納並不時更新的富衛股 份獎勵計劃及富衛僱員股份購買計劃，及(ii)本公司不時 的任何其他以股份為基礎的獎勵計劃。 執行委員會成員 指集團行政總裁及其直接下屬。 本集團 指本公司及其附屬公司。 集團行政總裁 指本公司集團行政總裁。 集團人力資源總監 指本公司集團人力資源總監。 管控要員 指香港《保險業條例》（第41章）第95A條所賦予管控要員 的涵義。 上市規則 指香港聯合交易所有限公司主板證券上市規則。 大綱及細則 指本公司不時生效的組織章程大綱及組織章程細則。 重大風險承擔者 指其職責或活動涉及承擔重大風險或代表本集團承擔重 大風險的僱員。彼等可為活動總體可能令保險公司面臨 重大風險的個人僱員或僱員團體。 薪酬 指向本集團聘請或委聘的個人支付任何形式的薪酬， 包括但不限於任何薪金、花紅、津貼、福利（現金或實 物）、退休金安排、報 ...

1. 就本職權範圍（「本職權範圍」）而言： | 審核委員會 | 指董事會根據本職權範圍決議成立的董事會委員會。 | | --- | --- | | 審核委員會主席 | 指審核委員會主席。 | | 董事會 | 指本公司董事會。 | | 本公司 | 指富衛集團有限公司。 | | 董事 | 指董事會成員。 | | 執行委員會成員 | 指集團行政總裁及其直接下屬。 | | 本集團 | 指本公司及其附屬公司。 | | 集團首席精算師 | 指本公司集團首席精算師。 | | 集團合規總監 | 指本公司集團合規總監。 | | 集團行政總裁 | 指本公司集團行政總裁。 | | 集團財務總監 | 指本公司集團財務總監。 | | 集團首席內部核數師 | 指本公司集團首席內部核數師。 | | 集團風險總監 | 指本公司集團風險總監。 | | 集團法律總顧問 | 指本公司集團法律總顧問。 | | 獨立核數師 | 指本公司外部核數師。 | | 上市規則 | 指香港聯合交易所有限公司主板證券上市規則。 | | 大綱及細則 | 指本公司不時生效的組織章程大綱及組織章程細則。 | | 風險委員會 | 指董事會決議成立的風險委員會。 | | 股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2026年2月28日 | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 富衛集團有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01828 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,700,000,000 | USD | | 0.03 | USD | | 51, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 富衛集團有限公司 主席 馬時亨教授 香港，2026年2月27日 FWD GROUP HOLDINGS LIMITED 富衛集團有限公司 於本公告日期，本公司董事為：主席兼獨立非執行董事馬時亨教授；執行董事李澤楷先 生及黃清風先生（集團行政總裁）；非執行董事 Walter KIELHOLZ 先生及 John DACEY 先 生；及獨立非執行董事鍾傑鴻女士、 John BAIRD 先生、 Dirk SLUIMERS 先生、 Laura DEAL-LACEY 女士、 Kyoko HATTORI 女士、張怡嘉女士、梁家駒先生及 Andrew WEIR 先 生。 （股份代號：1828） 董事會委任的委員會會議 富衛集團有限公司（「本公司」）宣佈，由本公司董事會委任的委員會將於2026年3月16 日（星期一）舉行會議，以（其中包括）考慮及批准發佈本公司及其附屬公司截至2025 年12月31日止年度的全年 ...

Core Viewpoint - The recent data from the Hong Kong Stock Exchange indicates that shareholders of FWD Group (01828) deposited shares worth HKD 2.731 billion, representing 5.64% of the total [1] Group 1: Company Performance - Morgan Stanley has initiated coverage on FWD Group with an "Overweight" rating and a target price of HKD 50, which is equivalent to 1.1 times the projected intrinsic value for the fiscal year 2027 [1] - The new business value for FWD Group is forecasted to reach USD 1.1 billion for the fiscal year 2027, comparable to AIA's new business value of USD 1.2 billion in December 2012 [1] - The current stock price of FWD Group is trading at a discount to its reported intrinsic value, indicating that the stock is undervalued according to Morgan Stanley [1]