Core Viewpoint - Morgan Stanley reports that FWD Group (01828) maintains strong growth in new business sales for the third quarter, with an improvement in leverage ratio and a successful refinancing that reduces annual debt costs by approximately $72 million [1] Financial Performance - FWD Group's annualized premium equivalent (APE) grew by 37% in the first three quarters, while new business value increased by 17% [1] - The new business CSM (Contractual Service Margin) profit grew by 27%, showing a slowdown compared to the first half's growth rates of 38%, 21%, and 34% [1] Market Performance - The Hong Kong and Macau markets showed the strongest performance, with annualized premium equivalent growth of 85%, although this is a decrease from the first half's growth of 103% [1] Analyst Rating - Morgan Stanley currently gives FWD Group an "Overweight" rating with a target price of HKD 46.5 [1]
大摩：富卫集团上季新增业务表现强劲 评级“增持”