Hong Kong-based insurer FWD reported some key half-yearly numbers yesterday. It saw an annualized premium equivalent (APE) of $732mn, 2.5% YoY lower for 1H 2022. Value of New Business (VNB) was at $405mn, a 17% YoY increase, with growth across all market segments. Its VNB margins improved to 55.4% from 46.1% last year, supported by focus on providing protection to customers. Its bancassurance margins also increased to 52.8% vs. 45.2% in 1H 2021. The insurer reported that its segmental adjusted operating profit before tax was at $200mn, having more than doubled in a year while posting a net loss of $333mn vs. profit of $177mn previous year. The group’s embedded value rose by 11.4% to $4.5bn.
FWD’s USD 6.375% Perp traded higher by 0.44 points to 89.32, yielding 12.6%.