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。 ...

Core Viewpoint - Goldman Sachs initiates coverage on FWD Group (01828) with a "Buy" rating and a target price of HKD 44, forecasting an average embedded value return of 14.3% from 2023 to 2027, a significant improvement compared to a negative 5.4% from 2022 to 2024, driven by operational improvements and economic disparities [1] Group 1: Company Overview - FWD Group operates in 10 markets across Asia, focusing on the rapidly growing Southeast Asian market [1] - The company is positioned favorably for faster embedded value growth compared to regional peers due to its relatively smaller scale [1] Group 2: Financial Performance - Since 2020, FWD Group has experienced negative embedded value growth, impacted by adverse operational trends and market volatility [1] - Following a tightening of operational assumptions for 2023 to 2024, Goldman Sachs believes the company is at a turning point for embedded value growth [1]

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 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 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依賴該等內容而引致的任何損失承擔任何責任。 除非另有界定，否則本公告所用詞彙與富衛集團有限公司（「本公司」）日期為2025年6月26日的 招股章程（「招股章程」）所界定者具有相同涵義。 本公告概不構成出售要約或要約購買的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法管轄區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國（包括其領土及 屬地、美國任何州及哥倫比亞特區）或法律禁止有關派發的任何其他司法管轄區發佈、刊發或 派發。本公告並不構成或組成在美國或任何其他司法管轄區出售證券的任何要約或招攬購買 或認購證券的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或適用的任何美國州證券法登記，且不得於美國境內提呈發售、出售、質押或轉讓，惟獲 豁免遵守美國證券法及適用的美國州或地方證券法登記規定或在不受其規限的交易中則另作別 論。發售股份不會於美國公開發售。發售股份乃 ...

Group 1 - The core announcement indicates that FWD Group (01828.HK) has partially exercised the over-allotment option as stated in the prospectus, involving a total of 5,001,400 shares, which represents approximately 5.48% of the total number of shares initially available for subscription before the exercise of any over-allotment option [1] - The stabilization period for the global offering has concluded as of August 1, 2025 [1]

Group 1 - The company, FWD Group (01828), announced that the over-allotment option described in the prospectus has been partially exercised by the joint global coordinators on August 1, 2025, involving a total of 5.0014 million shares, which is approximately 5.48% of the total number of shares initially available for subscription before the exercise of any over-allotment option [1] - The over-allotment shares will be issued and allocated by the company at a price of HKD 38.00 per share [1] - The over-allotment shares will be used to facilitate the partial repayment to the stabilizing agent, Morgan Stanley Asia Limited or its affiliates, for shares borrowed under a stock borrowing agreement to cover the over-allocation of 13.7013 million shares in the international offering [1] - The stabilization period for the global offering ended on August 1, 2025 [1]

Group 1 - The core announcement is about the partial exercise of the over-allotment option by the joint global coordinators on August 1, 2025, involving a total of 5.0014 million shares, which represents approximately 5.48% of the initial number of shares available for subscription under the global offering [1] - The over-allotment shares will be issued at a price of HKD 38.00 per share [1] - The over-allotment shares will be used to facilitate the partial repayment to the stabilizing price agent, Morgan Stanley Asia Limited, or its affiliates, for shares borrowed under a stock borrowing agreement to cover the over-allocation of 13.7013 million shares in the international offering [1]

除非另有界定，否則本公告所用詞彙與富衛集團有限公司（「本公司」）日期為2025年6月26日的 招股章程（「招股章程」）所界定者具有相同涵義。 本公告根據《證券及期貨（穩定價格）規則》（香港法例第571W章）第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。有意投資者於 決定是否投資發售股份前，應細閱招股章程有關下文所述全球發售的詳細資料。投資者應僅依 賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告概不構成出售要約或要約購買的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法管轄區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國（包括其領土及 屬地、美國任何州及哥倫比亞特區）或法律禁止有關派發的任何其他司法管轄區發佈、刊發或 派發。本公告並不構成或組成在美國或任何其他司法管轄區出售證券的任何要約或招攬購買 或認購證券的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或適用的任何美國州證券法登記，且不得於美國境內提呈發售、出售、質押或轉讓，惟獲 豁免遵守美國證券法及適用的美國州或地方證券法登記規定或在 ...

Core Insights - FWD Group's listing on the Hong Kong Stock Exchange marks a significant milestone in its 12-year development and injects new vitality into the Pan-Asian insurance industry [3] - The company has established itself as a benchmark for compliance and steady development within the industry, being recognized as one of the three major international insurance groups in Hong Kong [3] - FWD Group's impressive financial performance boosts growth confidence in the Pan-Asian insurance sector, showcasing the potential of the Asian insurance market [4] - The company's commitment to "technology empowerment" provides a direction for innovative development in the industry, enhancing service efficiency and customer satisfaction [4] - FWD Group's success is expected to lead to a more prosperous development landscape for the Pan-Asian insurance industry [5] Company Overview - FWD Group has expanded its operations across 10 Asian markets, serving 30 million customers since its inception in 2013 [3] - The company has achieved a net profit of $24 million and an after-tax operating profit of $463 million in 2024, reflecting a 29% year-on-year growth [4] - In the first quarter of 2025, new business contract service margins surged by 55% to $465 million, with new business sales increasing by 46% to $679 million [4] Industry Impact - FWD Group's listing sets a standard for compliance and risk management, encouraging other insurance companies to prioritize these aspects [3] - The growth trajectory of FWD Group highlights the potential for other firms to expand their operations in the Pan-Asian region, stimulating investment in the market [4] - The company's innovative approach to product development and digital transformation is expected to inspire other insurance firms to enhance their service offerings [4]