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Hong Kong-based pan-Asian life insurer founded by Richard Li, known for digital-first, fast policy issuance.
Hong Kong-based pan-Asian life insurer founded by Richard Li, known for digital-first, fast policy issuance.
Earns from premiums on life, health and savings policies and from investing the premiums it holds, with policies sold through agents and bank partners across Hong Kong and several Southeast Asian markets. Pacific Century Group is the controlling shareholder.
In one line: An Asia-focused digital insurance challenger, backed by the Li Ka-shing family's Pacific C.
Moat: narrow (brand, distribution). Digital-first customer experience and bancassurance partnerships across multiple Asian markets.
Headquarters: Hong Kong · Founded: 2013 · Employees: 6,931
Size FWD (1828.HK) is a Hong Kong Financials company (Multi-Line Insurance) with a market value of $5.54B, the 244th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$33.96 on 6 Nov 2026.
Performance Over six months the shares gained 7.1%, against +5.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median +8.7%); the operating margin is 12.3% (peer median 14.9%).
Valuation It trades at 0.92× book value against a peer median of 1.14× (9th cheapest of 21).
Price implies The share price implies a return on equity of about 7.3%; FWD delivers 4.1%, so the price asks more than the business earns today.
Credit FWD has 2 bonds outstanding ($1.18B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 138 bp.
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.9B | HK$33.9B | HK$29.5B | HK$26.3B | HK$28.1B |
| Revenue growth | — | +15% | +12% | -6% | — |
| Net income | HK$2.02B | HK$787M | -HK$609M | -HK$6.47B | -HK$2.36B |
| Free cash flow | HK$1.40B | -HK$226M | HK$1.31B | HK$2.85B | -HK$5.11B |
| Capital expenditure | HK$438M | HK$694M | HK$1.22B | HK$564M | HK$3.87B |
| Total debt | n/a | HK$27.8B | HK$30.0B | HK$32.6B | HK$31.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| FWD 1828.HK | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% |
| AIA 1299.HK | $104B | -10% | +13% | 20% | 2.53× | 18.4% |
| Prudential 2378.HK | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% |
| Manulife Financial MFC.TO | $72.2B | +13% | +18% | 13% | 2.22× | 13.0% |
| Great Eastern G07.SI | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1828.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +2.8% | 9th lowest of 21 |
| 6-month return | +7.1% | +5.4% | 9th highest of 21 |
| Return on equity | 4.1% | 15.4% | 4th lowest of 21 |
| Price / book | 0.92× | 1.14× | 9th cheapest of 21 |
| Trailing P/E | 21.6× | 8.7× | 2nd most expensive of 19 |
| ROE the price implies | 7.3% | 8.1% | 7th least demanding of 21 |
| ROE delivered | 4.1% | 15.4% | 4th lowest of 21 |
| Bond spread | 138 bp | 124 bp | 3rd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
| Enact ACT | United States | $6.38B | +5% | +2% | 13% | 1.19× | 7.9% | 12.9% |
| China Reinsurance (Group) 1508.HK | Hong Kong | $6.64B | -5% | +11% | 10% | 0.40× | 5.5% | 9.7% |
| Db Insurance 005830.KS | South Korea | $6.90B | +2% | -14% | 17% | 0.85× | 5.1% | 17.0% |
| Great Eastern G07.SI | Singapore | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% | 14.8% |
| Axis Capital AXS | United States | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% | 16.0% |
| Lincoln National LNC | United States | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% | 22.6% |
| Hiscox HSX.L | United Kingdom | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% | 16.6% |
| China Taiping Insurance 0966.HK | Hong Kong | $8.28B | -24% | +19% | 36% | 0.63× | 8.1% | 36.2% |
| Alm. Brand A/S ALMB.CO | Denmark | $3.70B | +16% | +3% | 9% | 2.19× | 7.3% | 8.8% |
| Hamilton Insurance HG | United States | $3.64B | +20% | +20% | 19% | 1.24× | 8.0% | 19.0% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| Genworth Financial GNW | United States | $3.29B | -5% | -1% | 2% | 0.38× | 5.3% | 2.3% |
| F&G Annuities & Life FG | United States | $3.06B | -17% | +14% | 9% | 0.66× | 8.4% | 9.2% |
| Lemonade LMND | United States | $3.06B | -28% | +77% | -27% | 6.12× | 75.0% | -27.0% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
FWD has 2 bonds outstanding with $1.18B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.00%, a spread of 138 bp over government bonds.