Core Viewpoint - FWD Group Limited has submitted its fourth listing application to the Hong Kong Stock Exchange, with Morgan Stanley and Goldman Sachs as joint sponsors, following previous applications in February and September 2022, and March 2023 [1] Company Overview - FWD Group is a pan-Asian life insurance company founded in 2013 by Richard Li, offering a diversified product portfolio including life insurance, health insurance, employee benefits, and wealth management products [5] - The company has expanded its operations from three markets to ten, covering regions such as Hong Kong, Thailand, Japan, and emerging markets like the Philippines, Indonesia, Singapore, Vietnam, and Malaysia [5] Product Contribution - The main product categories and their expected contributions to new business value in 2024 are: - Participating life: 36.5% - Non-participating life: 28.0% - Critical illness, term life, medical, and supplementary insurance: 22.2% - Unit-linked life insurance: 7.5% - Group insurance and others: 5.7% [5] Market Position - FWD Group is recognized as one of the top five insurance companies and leading bank insurance companies in Southeast Asia based on annualized new premium in 2023 [6] - The total life insurance premium in the market is projected to grow from approximately $407 billion in 2023 to $579 billion by 2033, indicating significant growth potential in the sector [6] Financial Performance - The company reported net insurance and investment performance of $493 million, $47 million, and $911 million for the years 2022, 2023, and 2024, respectively [8] - Net profit figures for the same years were -$320 million, -$717 million, and $10 million, showing a recovery trend in profitability [9] - Insurance revenue for 2022, 2023, and 2024 was $2.408 billion, $2.756 billion, and $2.724 billion, respectively, with insurance service expenses increasing correspondingly [9]