格隆汇12月20日丨大昌行集团(01828.HK)公布，有关公司私有化，于2019年12月19日(星期四)，批准该 计划的决议案于法院会议上根据公司条例及收购守则的规定获计划股东批准。于2019年12月19日(星期 四)，特别决议案于股东大会上获股东批准。 待该计划生效后，股份于联交所之上市地位预期于2020年1月10日(星期五)上午九时正起撤销。公司已 根据上市规则第6.15(2)条向联交所申请撤销股份于联交所的上市地位，惟须待该计划获高等法院正式批 准及所有其他条件已达成或获豁免(如适用)后，方可作实。 ...

集团内涵价值增加8%至63.8亿美元，内涵价值营运利润同比增长77%至8.37亿美元，主要归因于强劲的 新业务和营运差异的显著改善。公司也展现了开支纪律，并实现了开支节余。 富卫集团公布2025年中期业绩，新增业务销售额达12.46亿美元，同比增长38%；新业务合约服务边际 增长34%至7.94亿美元；新业务价值增长21%至5.06亿美元。 整体盈利能力提升，税后营运利润增长9%至2.51亿美元，净利润4700万美元，创下采用国际财务报告 准则第17号以来的中期业绩新高。增长得益于四大业务分部的持续贡献、可预测的合约服务边际摊销以 及营运差异和假设的改善。 ...

Core Viewpoint - FWD Group reported a significant increase in new business sales and profitability for the first half of 2025, demonstrating successful execution of a customer-centric strategy in the Asian market [1][2] Financial Performance - New business sales reached $1.246 billion, a 38% increase compared to 2024 [1] - New business contract service margin amounted to $794 million, reflecting a 34% year-on-year growth [1] - Net profit reached $47 million, marking a new high since the adoption of IFRS 17 [1][2] - Tax-adjusted operating profit grew by 9% to $251 million, driven by positive contributions from four regional business segments [1][2] Value Creation - Comprehensive tangible equity increased by 8% to $8.15 billion [1] - Embedded value rose by 8% to $6.38 billion, indicating value creation for shareholders in the first half of 2025 [1] - Embedded value operating profit was $837 million, a 77% increase compared to the same period in 2024, attributed to strong new business and operational improvements [1]

Financial Performance - FWD Group reported a new high in interim results for the six months ended June 30, 2025, with new business sales increasing by 38% year-on-year to $1,246 million[6]. - The operating profit after tax grew by 9% to $251 million, with significant contributions from regions including Hong Kong, Macau, Thailand, Cambodia, and Japan[6]. - Net profit reached $47 million, marking a new high since the adoption of IFRS 17[6]. - The intrinsic value of the group rose by 8% to $6,380 million, reflecting value creation for shareholders[6]. - Comprehensive tangible equity increased by 8% to $8,150 million, while the group's intrinsic value rose by 8% to $6,380 million[15]. - The net investment performance for the first half of 2025 was $135 million, a decrease of $30 million compared to the previous year, primarily due to changes in asset allocation[41]. - The company reported a significant increase in net profit after tax to $47 million for the six months ended June 30, 2025, compared to $3 million in the same period of 2024[49]. - The total comprehensive income for the period was a loss of $607 million, reflecting a significant decrease compared to previous periods[185]. - The company reported a net loss attributable to shareholders of $1.615 billion, highlighting challenges in maintaining profitability[185]. Capital and Solvency - The solvency ratio remained strong at 283%, with generated basic free surplus increasing by over 115% to $417 million, indicating robust capital position[6]. - The leverage ratio was reported at 23.7% as of June 30, 2025, with a long-term target of 15% to 20%[27]. - The local capital solvency ratio (prescribed capital requirement basis) improved to 283% as of June 30, 2025, compared to 260% on December 31, 2024[76]. - The Tier 1 capital coverage ratio (minimum capital requirement basis) increased from 282% on December 31, 2024, to 340% as of June 30, 2025[77]. - The total free surplus increased to $1,454 million, up from $668 million as of December 31, 2024, representing a growth of 118%[73]. Business Growth and Strategy - The company launched a new yen-denominated annuity product in Japan, marking its entry into the savings and retirement market[7]. - FWD Group's multi-channel distribution strategy continues to drive product innovation, including the development of index-linked universal life insurance products[5]. - The company launched 25 new products in the first half of 2025 to meet changing customer demands[14]. - Southeast Asia accounted for over 40% of new business sales, with seven out of ten markets located in this region[14]. - The company plans to enhance digital capabilities and distribution channels to expand its customer base in the rapidly growing Asian insurance market[18]. - The company aims to leverage partnerships with banks and insurance brokers to provide tailored product solutions for high-net-worth individuals and affluent customers[100]. Customer Satisfaction and Market Position - Customer satisfaction metrics remain high, with 92% of customers rating their insurance experience as "good" or "very good"[8]. - The net promoter score for claims service was +63, indicating strong customer satisfaction with service quality[12]. - The company maintains a leading position in the Thai market through its exclusive bancassurance partnership with Kasikorn Bank[7]. - The market share of new business sales in Thailand reached 15% as of June 30, 2025, indicating a strong position in the market[104]. Investment and Financial Management - The company’s total investment return was $974 million for the six months ended June 30, 2025, slightly down from $997 million in the same period of 2024[46]. - The fair value change of debt securities amounted to $1,141 million, offset by net financial expenses of $973 million related to insurance and reinsurance contracts[60]. - The company incurred listing expenses of $7 million during the reporting period, with $6 million recognized in the income statement[196]. - The company received $649 million in interest income, slightly up from $630 million in the same period last year[189]. IPO and Future Plans - FWD Group completed its IPO in July 2025, raising a total of HKD 3,611 million (approximately $466 million)[6]. - The company has committed to using the net proceeds from the IPO as disclosed in the prospectus, with no plans to deviate from the stated uses[94]. - The company has not declared any interim dividends for the six months ended June 30, 2025[93]. - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[185]. Employee and Organizational Development - The group employed 6,859 employees as of June 30, 2025, with a focus on employee development and training[82]. - The company has established a Talent Marketplace to enhance internal job mobility and promotion opportunities[83]. - The company launched a GenAI Hub to support employees in enhancing key skills and knowledge related to generative artificial intelligence[83]. Regulatory and Compliance - The independent review report confirms that the interim financial information complies with International Accounting Standard 34[176]. - The review did not identify any matters that would lead to a belief that the interim financial information was not prepared in accordance with International Accounting Standard 34[176].

Group 1 - The core viewpoint of the article highlights that FWD Group's stock price increased by over 7% following the announcement of a significant leasing agreement with Swire Properties, marking it as Hong Kong's largest office leasing deal of the year [1] - FWD Group signed a ten-year lease agreement to expand its office space at Taikoo Place, with the Dehong Building set to be renamed FWD Center as the new headquarters in Hong Kong starting January 1, 2024 [1] - FWD Group is a rapidly growing pan-Asian life insurance company founded in 2013 by Richard Li, expanding from three markets to ten, including Hong Kong, Thailand, Japan, and emerging markets such as the Philippines, Indonesia, Singapore, Vietnam, and Malaysia [1] Group 2 - The Southeast Asian market is projected to contribute approximately 50% of the new business contract service margin in 2024, indicating strong growth potential in this region [1] - According to NMG data, FWD Group ranked among the top five insurance companies and leading bank insurance companies in terms of annualized new premiums in the Southeast Asian market for 2023 [1]

Core Viewpoint - FWD Group's stock rose over 7% following the announcement of a significant 10-year lease agreement with Swire Properties, marking the largest office leasing deal in Hong Kong this year [1] Group 1: Company Developments - FWD Group's share price increased by 7.1%, reaching HKD 40.72, with a trading volume of HKD 61.06 million [1] - The company signed a 10-year lease to expand its office space at Taikoo Place, with the Dehong Building set to be renamed FWD Center as of January 1 next year [1] - FWD Group was founded in 2013 by Richard Li, son of Li Ka-shing, and has rapidly grown into a pan-Asian life insurance company [1] Group 2: Market Expansion - The company has expanded from three initial markets to ten, including Hong Kong (and Macau), Thailand (and Cambodia), Japan, and emerging markets such as the Philippines, Indonesia, Singapore, Vietnam, and Malaysia [1] - Southeast Asia is projected to contribute approximately 50% of the new business contract service margin in 2024 [1] - According to NMG data, FWD Group ranked among the top five insurance companies and leading bank insurance companies in terms of annualized new premiums in the Southeast Asian market for 2023 [1]

高盛指，富卫保险为新兴泛亚寿险公司，在亚洲10个市场营运，并集中于东南亚快速增长的市场。基于 公司对比区内领先筹险规模较小，其在交出更快内涵值增长上处更有利位置。但公司自2020年以来内涵 值增长为负数，受不利经营趋势及市场波动影响。在2023年至2024年收紧经营假设后，该行相信公司内 涵值增长处转折点。 高盛发布研报称，首次覆盖富卫集团(01828)，给予"买入"评级及44港元目标价。该行预测富卫保险今 年至2027年交出平均14.3%的内涵值回报率，对比2022年至2024年的负5.4%，主要由经营改善及经济差 异推动。 ...

高盛指，富卫保险为新兴泛亚寿险公司，在亚洲10个市场营运，并集中于东南亚快速增长的市场。基于 公司对比区内领先筹险规模较小，其在交出更快内涵值增长上处更有利位置。但公司自2020年以来内涵 值增长为负数，受不利经营趋势及市场波动影响。在2023年至2024年收紧经营假设后，该行相信公司内 涵值增长处转折点。 智通财经APP获悉，高盛发布研报称，首次覆盖富卫集团(01828)，给予"买入"评级及44港元目标价。该 行预测富卫保险今年至2027年交出平均14.3%的内涵值回报率，对比2022年至2024年的负5.4%，主要由 经营改善及经济差异推动。 ...

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，概不就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。 FWD GROUP HOLDINGS LIMITED 富衛集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1828） 香港，2025年8月8日 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。 董事會審核委員會會議 富衛集團有限公司（「本公司」）董事會審核委員會將於2025年8月28日（星期四）舉 行會議，以（其中包括）考慮及批准本公司截至2025年6月30日止六個月的中期業 績。 承董事會命 富衛集團有限公司 主席 馬時亨教授 ...

| 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01828 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年7月31日 | | 1,271,003,877 | | 0 | | | 1,271,003,877 | | 1). 其他 (請註明) | | | 5,001,400 | 0.39 % | 0 HKD | | 38 | | | 如本公司日期爲2025年8月1 ...