Slides
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Celebrate living fwd.com 26 August 2026 FWD Group 2026 interim results presentation
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2 Disclaimer This document (“document”) has been prepared by FWD Group Holdings Limited (the “Company”, and together with its subsidiaries, “FWD” or the “Group”) solely for use at the presentation held in connection with the announcement of the Company’s financial results (the “presentation”). References to “document” in this disclaimer shall be construed to include any oral commentary, statements, questions, answers and responses at the presentation. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein have not been independently verified and are subject to change without notice. The accuracy of the information and opinions contained in this document is not guaranteed. None of the Company nor any of its affiliates or any of their directors, officers, employees, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information contained or presented in this document or otherwise arising in connection with this document. This document may contain certain forward-looking statements relating to the Company that are based on the current expectations, estimates, projections and beliefs of the Company’s management, as well as a number of assumptions concerning future events. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future", "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as at the date of the presentation with respect to future events and are not a guarantee of future performance or developments. You are cautioned not to place undue reliance upon any forward- looking statements. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the presentation. This presentation may also contain indicators of historical financial and operating performance that are based on a number of assumptions, including assumptions with respect to industry performance, general business and economic conditions, investment returns, reserving standards, regulatory requirements with regard to solvency ratios and policyholder values, taxation, life expectancy and other matters, all of which are difficult to predict and many of which are beyond the Company’s control. These indicators are inherently subjective in many respects and as the underlying assumptions for these indicators are forward-looking, actual results may differ materially from those assumed in the calculations. These key performance indicators are subject to adjustments or other changes, and any such adjustments or changes could be material. This document and the information contained herein are not intended to and do not constitute or form part of, and should not be construed as, any offer for sale or issuance of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company in the United States, Hong Kong or any other jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. No securities of the Company may be sold in the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. In Hong Kong, no shares of the Company may be offered by the Company to the public unless a prospectus in connection with the offering for sale or subscription of such shares has been authorised by The Stock Exchange of Hong Kong Limited for registration by the Registrar of Companies under the provisions of the Companies Ordinance and has been so registered. The information herein is given to you solely for your own use and information, and no part of this document may be copied or reproduced, or redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) in any manner or published, in whole or in part, for any purpose. The distribution of this document may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Throughout this document, in the context of our reportable segments, Hong Kong & Macau refers to operations in the Hong Kong Special Administrative Region and the Macau Special Administrative Region; Thailand & Cambodia refers to operations in Thailand and Cambodia; Japan refers to the operation in Japan and the reinsurance operation in the Cayman Islands; and Expansion Markets refer to operations in Indonesia, Malaysia, the Philippines, Singapore, and Vietnam. All figures are presented in actual reporting currency (US dollar), unless otherwise stated. All growth rates in this presentation are on a constant exchange rate (CER) basis, unless stated otherwise. In addition, figures may not be additive due to rounding.
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3 Growth Profitability Value Creation Risk & Capital 6,850 6,949 2025 1H26 8,717 8,825 2025 1H26 794 996 1H25 1H26 210% 203% 2025 (ESR adj.) 1H26 47 172 1H25 1H26 5% 269%251 298 1H25 1H26 20% 18%25%7% OPAT2 ($m) NPAT2 ($m) Expense variance3 ($m) FWD Group delivered profitable growth and value in the first half of 2026 Note: 1 APE means annualised premium equivalent, as reported. | 2 Operating profit after tax and net profit after tax attributable to equity holders of the Company and are presented net of non-controlling interests. | 3 Differences in operating expenses and commissions. | 4 CTE means comprehensive tangible equity. It is the Group's total equity belonging to the Company's shareholders, plus contractual service margin (after reinsurance, tax and non-controlling interests), less intangible assets (after non-controlling interests). | 5 Net remittances refers to Note 4.1 of the interim condensed consolidated financial statements and does not include other adjustments. | 6 Group cover ratio under the local capital summation method (LCSM), on a prescribed capital requirement (PCR) basis, and after Japan's economic value-based solvency regulation (ESR) basis. | 7 Net underlying free surplus generation. Solvency6 New business CSM ($m)New business sales (APE) 1 ($m) Value of new business ($m) Remittance5 ($m)Group embedded value ($m)CTE4 ($m) Leverage Net UFSG7 ($m) 5% 541 512 1H25 1H26 21.3% 21.4% 2025 1H26 16 39 1H25 1H26 Opening adj. Net UFSG before opening adj. 1,246 1,348 1H25 1H26 506 602 1H25 1H26 -7 pps -$29m +0.1 pps +$23m 315 352 102 29 417 381 1H25 1H26
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Business highlights
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5 Winning in our home markets in Asia
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6 FWD Hong Kong & Macau FWD Japan HNW customers Capturing profitable growth opportunities in Hong Kong and Japan CER: 25% New business CSM ($m) Note: 1 Based on statistics published by MDRT as of July 2026. | 2 Measured by APE per active agent, for the six months ended 30 June 2026, compared with the same period in 2025. | 3 CMV denotes Chinese mainland visitors. | 4 According to Japan Life Insurance Association Life Insurance Fact Book 2025, measured by individual new business policy amount. Percentages are CAGR from 2020 to 2024. | 5 Operating profit after tax attributable to equity holders of the Company of all operating segments, excluding C&O. 14 Non-exclusive banca partnerships Strong brokerage/IFA and bancassurance channels >290 Brokerage/IFA partners Growing agency channel 18% in agent productivity YoY2 400 502 1H25 1H26 Diversified customer base Onshore customers contributed to 58% of FWD Hong Kong ‘s VNB >$380m >21% of total segments’ OPAT5 24% individual saving market growth compared with 3% in other individual lines in the Japan insurance market4106 121 1H25 1H26 Balanced growth from diversified distribution strategy and customer base Top 5 in MDRT for 7 consecutive years1 1H 2026 FWD HK VNB CER: 22% New business CSM ($m) Continues to grow in the high-potential savings market Key contributor to Group cash and profitability 1H 2026 OPAT remitted to the Group since 2023 Savings market entrance in 2025 Launched a Yen-denominated single premium annuity product in July 2025, driving higher growth in 1H 2026 Strong growth in one of the largest insurance markets•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• •••••••••••••••••••••••••••••••••••••••••••••• APE 640 VNB 267 6% 25% APE 63 VNB 44 29% 43% 332 679 76 59 18% Other offshore 24% CMV3
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7 23% 21% 50% 6% Thailand & Cambodia Expansion Markets Hong Kong & Macau Japan Total life insurance premium income 2025A-2036E CAGR Capitalising on Southeast Asia’s growth potential Note: Market data is sourced from Allianz Global Insurance Report 2026. Market growth rate is AER in EUR. | 1 Includes Canada, France, Germany, Italy, Japan, United Kingdom, and United States. | 2 Southeast Asian markets in which FWD Group operates, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Cambodia is not included due to data limitation. APE growth is on an AER basis, and weighted average calculated using Allianz Global Insurance Report 2026 data. | 3 FWD Thailand & Cambodia and FWD Expansion Markets 1H25 to 1H26 year-over-year growth rate, on an AER basis. APE breakdown by market (%) FWD SEA markets 44% 3.5% 3.6% 5.8% G7 (incl. Japan) Hong Kong SAR & Japan SEA markets 1 2 (1H 2026) FWD SEA 1H25-1H26 APE growth: 9%3 SEA growth is set to outpace developed markets… …with FWD well-positioned to benefit given larger exposure
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8 FWD Thailand & Cambodia FWD Expansion Markets6 Creating value through quality improvement and scalable growth in SEA CER: 15% New business CSM ($m) Digital integration driving deeper partnership Market leading insurer 199 241 1H25 1H26 Quality agency channel 89 133 1H25 1H26 CER: 52% New business CSM ($m) Growing presence in high-potential markets •••••••••••••••• ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• bancassurer in Thailand1No.1 FWD Omne SCB EASY X agency development programme FutureMe agent productivity3 No.1 life insurer in Philippines7 No.1 MDRT in Philippines2 Multi-channel distribution strategy No.1 bancassurer in Indonesia (BRI Life)8 5 exclusive bancassurance partnerships >30% in agent productivity3 HNW strategy in Singapore Note: 1 According to Thai Life Assurance Association (TLAA), as of 1H 2026. | 2 Based on statistics published by MDRT as of July 2026. | 3 Measured by APE per active agent, as of 1H 2026, compared with the same period in 2025. | 4 Expense ratio is operating expenses expressed as a percentage of TWPI for the relevant period, representing the amounts attributable to equity holders of the Company. | 5 Operating profit after tax attributable to equity holders of the Company of all operating segments. | 6 FWD Expansion Markets refer to Indonesia, Malaysia. the Philippines, Singapore, and Vietnam. | 7 According to Insurance Commission, in terms of new business annual premium equivalent – singleton basis, as of 1H 2026. | 8 According to Indonesian Life Insurance Association (Asosiasi Asuransi Jiwa Indonesia), BRI Life ranked as number one bancassurance insurer by APE, as of 1H 2026. Top bancassurer and one of Thailand’s leading insurers Well-positioned to capture long-term growth opportunities in five diverse and high-potential countries MDRT in Thailand 2No.2 2 x 1H26 Singapore IFA APE compared with 1H25 311 137 (5)% (3)% 232 58 23% 36% 16% OPAT5 YoY Improved efficiency & profitability 311 139 APE VNB APE VNB 282 78 Expense ratio4 ~2pps since 2022
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9 Distribution tailored for each market
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10 Diversified distribution model delivering strong growth Note: 1 Growth rates are compared with 1H 2025 VNB and 1H 2025 APE | 2 2026 total VNB includes US$(6)m Global Minimum Tax (GMT) provision. Percentages represent distribution channel split based on 1H 2026 VNB (pre-GMT provision). | 3 Ecosystem partnerships and others include digital commerce channel which includes both digital direct and digital platform of partners, as well as affinity partnership in Thailand, employee benefits business in certain markets and direct marketing and telemarketing channels. Bancassurance +13% VNB growth1 +35% VNB growth1 Ecosystem partnerships and others3 +31% VNB growth1 Brokerage / IFA Agency +2% VNB growth 1 41% 41% 12%6% 1H26 VNB2 602m +7% +8% -7% +14% APE growth1 APE growth1 APE growth1 APE growth 1
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11 215 249 1H25 1H26 Bancassurance growth driven by deep and scalable partnerships Note: All data as of 1H 2026, unless specified otherwise. | 1 According to the latest published market data for 1H 2026, supplemented by internal assumptions derived from historical record where public data is unavailable. FWD Southeast Asian markets are Thailand, Cambodia and all FWD Expansion Markets (Indonesia, Malaysia, the Philippines, Singapore, and Vietnam). | 2 According to Thai Life Assurance Association (TLAA), as of 1H 2026; and according to Indonesian Life Insurance Association (Asosiasi Asuransi Jiwa Indonesia), BRI Life ranked as number one bancassurance insurer by APE, as of 1H 2026. Bancassurance VNB ($m) CER APE ($m) CER 13% 7%480 521 Strong bancassurance platform with regional leadership 7 exclusive partnerships and 34 bancassurance partnerships in total including national champion banks With access to over 350m customers A leading bancassurer in Southeast Asia1 No. 1 bancassurer in Thailand and Indonesia (BRI Life) 2 10 new bancassurance partnerships established since 2024 Penetrating and deepening partnerships through digital & gen AI tools FWD Omne SCB EASY X
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12 ~2,700 brokerage and IFA partners across the Group 8% 191 248 1H25 1H26 Expanded HNW capabilities drive growth in brokerage/IFA channel Brokerage/IFA VNB ($m) 31% CER APE ($m) CER Robust expansion in global HNW segment Japan savings proposition: The Yen-denominated single premium annuity product in Japan continues to gain traction 466 500 Note: All data as of 1H 2026, unless specified otherwise. | 1 YoY compared with 1H 2025 APE. Singapore IFA new business growth: Leading open architecture FA in new business sales in Singapore; Singapore IFA new business sales x21 > 2x international broker new business sales1 Operates in: Hong Kong Singapore Bermuda Catering to world- wide HNW customers’ global investment and legacy planning needs
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13 71 73 1H25 1H26 Improving agency distribution through technology CER Note: All data as of 1H 2026, unless specified otherwise. | 1 Growth in APE per active agent in 1H 2026, compared with the same period in 2025. | 2 Including Indonesia, Malaysia, the Philippines, Thailand and Vietnam. | 3 Based on the statistics published by MDRT as of July 2026. 14% 2% Agency VNB ($m) APE ($m) 209 239CER Growth opportunities in agency channel Digitally empowered agency force with FWD Cube & Agent AI assistant implemented in Southeast Asia 2 ; enabling productivity and customer engagement FutureMe agent programme launched in Thailand, showing improvement in productivity 1 Powered by a strong agency force of over 40,000 agents, with productivity up >30% YoY 1 Ranked in top 10 global multi-national insurers in MDRT3 No.1 MDRT in the Philippines & No. 2 MDRT in Thailand in 20263 Agent productivity >30%1
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14 Transforming insurance through technology
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15 Gen AI-enabled technology driving early tangible gains Common, enterprise-grade microservices layer delivering application-ready data and AI readiness at scaleOneMod Customer engagement Operational efficiency Distribution enablement FWD’s proprietary One Data Platform Real-time • Integrated • Cloud-based AI chatbot/ voicebot FWD Omne 24/7 AI assistants FWD Omne x SCB EASY Note: All data as of 1H 2026, unless specified otherwise. | 1 Based on a comparison of new policy growth between Japan sales representatives who have completed more than 10 sessions using an AI-powered coaching avatar and those who have completed fewer than 10 sessions. | 2 Calculated as total calls resolved by the voicebot divided by total calls routed to the voicebot, in June 2026 compared with December 2025. | 3 Measured by average number of agile sprint story points produced in an agile sprint. | 4 February 2026 average medical underwriting time using agentic AI underwriting tool, compared with average medical underwriting time without using agentic AI underwriting tool in the same period. | 5 Average optical character recognition accuracy across Malaysia, the Philippines and Thailand, measured in 1H 2026. | 6 Call centre productivity measured as reduction in manpower required to respond to customer calls from July 2025 to June 2026. >92% consistently high “Great” & “Good” service satisfaction customer calls handled by AI voicebot in Thailand, with two-thirds resolved without human intervention 2 66% AI Assistant gaining momentum in customer adoption AI-powered underwriting medical product underwriting time in Japan4 40% customer document processing accuracy5 97% AI-enabled efficiency productivity improvement in selected AI-enabled software development 345% 17 days >2x higher new policy growth in Japan 1 4 hours delivery time for a customer communication solution call centre productivity in Japan615%
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Financial results
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17 Profitability Profitability Profitability Profitability Profitability Record financial performance in the first half of 2026 Value Creation Group embedded value2 Profitability Return on tangible equity4 Profitability Comprehensive tangible equity2 Cash & Capital Profitability Group LCSM cover ratio (PCR basis) Net underlying free surplus generation $381m (-11%) Profitability Profitability CSM balance2 Net profit after tax1 Profitability Operating profit after tax1 Growth New business sales (APE) Profitability Value of new business New business CSM Note: Unless otherwise indicated, all data as of 1H 2026, with YoY growth rates from 1H 2025 to 1H 2026 on a constant exchange rate (CER) basis. | 1 Operating profit after tax and net profit after tax attributable to equity holders of the Company and are presented net of non-controlling interests. | 2 The growth rate of balance sheet items are calculated against previous year-end positions, e.g. 30 June 2026 vs. 31 December 2025. | 3 Year-over-year difference in percentage points from 1H 2025. | 4 Return on tangible equity is calculated as operating profit after tax for the period, divided by the average of the balances of tangible equity as of the beginning and end of such period. Tangible equity is calculated as total equity of the Group attributable to shareholders of the Company minus intangible assets (net of non-controlling interests). | 5 Growth rate is calculated against 2025 post ESR pro forma Group LCSM cover ratio (PCR basis). $1,348m (+7%) $602m (+18%) Leverage ratio $996m (+25%) New business CSM margin New business margin 74.9% (+10.6 pps) 44.7% (+4.1 pps) $298m (+20%) $7.2bn (+13%) $8.8bn (+5%) 19.4% (+2.7 pps3) $6.9bn (+5%) 203% (-7 pps5) 21.4% (+0.1 pps) $172m (+269%)
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18 Hong Kong & Macau New business CSM ($m) 1H25 - 1H26 YoY:1H25 - 1H26 YoY: New business margin (%) VNB ($m) Operating profit after tax2 ($m) 1H25 - 1H26 YoY: New business sales (APE) ($m) NB CSM margin 1 (%) Note: 1 NB CSM margin is NB CSM expressed as a percentage of APE for the relevant period, excluding products measured under premium allocation approach. | 2 Operating profit after tax attributable to equity holders of the Company, and is presented net of non-controlling interests. 640 679 1H25 1H26 +6% 400 502 1H25 1H26 +25% 267 332+25% 41.7% 48.9%+7.2 pps 63.2% 74.8%+11.6 pps 125 164 1H25 1H26 +32%
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19 93 85 1H25 1H26 Japan New business CSM ($m) 1H25 - 1H26 YoY:1H25 - 1H26 YoY: Note: 1 NB CSM margin is NB CSM expressed as a percentage of APE for the relevant period, excluding products measured under premium allocation approach. | 2 Operating profit after tax attributable to equity holders of the Company, and is presented net of non-controlling interests. VNB ($m) Operating profit after tax2 ($m) 1H25 - 1H26 YoY: New business sales (APE) ($m) NB CSM margin1 (%) New business margin (%) 63 76 1H25 1H26 44 59 +29% +43% 69.7% +7.7 pps 106 121 1H25 1H26 167.1% 158.2%-9.0 pps -3%+22% 77.3%
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20 199 241 1H25 1H26 Thailand & Cambodia New business CSM1 ($m) 1H25 - 1H26 YoY:1H25 - 1H26 YoY: Note: 1 New business CSM does not include Cambodia as IFRS 17 has not been implemented yet. | 2 NB CSM margin is NB CSM expressed as a percentage of APE for the relevant period, excluding products measured under premium allocation approach. | 3 Operating profit after tax attributable to equity holders of the Company, and is presented net of non-controlling interests. VNB ($m) Operating profit after tax3 ($m) 1H25 - 1H26 YoY: New business sales (APE) ($m) NB CSM margin2 (%) New business margin (%) 311 311 1H25 1H26 -5% +15% 64.7% 77.6%+12.9 pps+0.8 pps44.1% 44.8% 137 139-3% 81 98 1H25 1H26 +16%
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21 VNB ($m) New business margin (%) Expansion Markets1 New business CSM ($m) 1H25 - 1H26 YoY:1H25 - 1H26 YoY: Note: 1 Expansion Markets refer to Indonesia, Malaysia. the Philippines, Singapore, and Vietnam. | 2 NB CSM margin is NB CSM expressed as a percentage of APE for the relevant period, excluding products measured under premium allocation approach. | 3 Operating profit after tax attributable to equity holders of the Company and is presented net of non-controlling interests. Operating profit after tax3 ($m) 1H25 - 1H26 YoY: New business sales (APE) ($m) NB CSM margin 2 (%) 232 282 1H25 1H26 +23% 78+36% 25.1% 27.8%+2.7 pps 89 133 1H25 1H26 39.8% 48.8%+9.3 pps 38 43 1H25 1H26 +52% +14% 58
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22 421 53 36 (35) 475 90 (180) 8 (97) 296 2 298 CSM release Operating variances Risk adjustment release Others Insurance service result Net investment result Non-attributable expenses Net other income and expenses Operating tax Operating profit after tax Non-controlling interests Operating profit after tax attributable to equity holders of the Company 1 530 541 1H25 1H26 353 475 1H25 1H26 251 298 1H25 1H26 +20%336 421 1H25 1H26 Higher CSM release driving growth in profitability 1H 2026 IFRS 17 OPAT bridge ($m) Note: Charts are not drawn to scale. | 1 Other insurance gain/loss and operating onerous losses. CSM release Insurance service result Operating expenses OPAT +26% +34% Low single-digit growth +2%
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23 298 (2) 296 97 393 (100) (32) (27) 24 1 (89) 170 2 172 Operating profit after tax attributable to equity holders of the Company Non-controlling interests Operating profit after tax Operating tax OPBT Finance costs Others Short-term fluctuations in investment returns Other non- operating investment return Loss component on onerous contracts Tax expense Net profit after tax Non-controlling interests Net profit after tax attributable to equity holders of the Company 1 1H 2026 IFRS 17 OPAT to NPAT ($m) Note: 1 Related to borrowings and long-term payables. | 2 M&A, business set up and restructuring related costs and other non-operating items. | 3 Related to equity securities, interests in investment funds and investment property. | 4 Loss component on onerous contracts measured under VFA, relating to market movements. The group of insurance contracts is defined to be onerous if the total of cash flows is a net outflow and a loss component is created to depict the amount of the net cash outflow. VFA contracts may become onerous due to short-term fluctuations in investment return driven by market factors and exclusion of this item would eliminate the short-term volatility to profit or loss, allowing for better comparability between reporting periods. 4 2 Non-market Related Market Related 3 Record net profit driven by new business growth and expense discipline 269% YoY Growth Including one-off IPO related incentives Reduced from (112) in 1H25 Reduced effective tax rate from 63.9% in 1H25 to 34.5% in 1H26.
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24 ( 153 ) (421) 6,562 979 199 6 23 7,769 24 7,640 7,219 Opening CSM NB CSM Expected return Operating variances & assumption changes Others CSM Balance before economic factors Economic variances and assumption changes Foreign exchange CSM balance after economic factors CSM release Closing CSM Higher organic CSM driven by strong profitable new business growth 1H 2026 CSM1 evolution ($m) Note: 1 CSM after allowing for reinsurance. | 2 Operating change in CSM is the sum of expected return, NB CSM, operating variances and assumption changes and CSM release. | 3 NB CSM refers to new business contractual service margin, which excludes the impact of the investment in BRI Life and includes the impact of one-off new reinsurance contracts that covers in-force business. | 4 Expected return refers to the accretion of interest on general measurement model contracts together with the expected return related to variable fee approach contract based on expected long term investment return. | 5 CSM release rate is measured as CSM release divided by closing balance of CSM (excluding CSM release and foreign exchange rate movement) and is shown on an annualised basis. 11% CSM release rate5Operating change in CSM2 : $764m Improved from $607m in 1H 2025 3 4 13% YTD growth Positive operating variances and assumption changes since 2H 2024
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25 6,850 318 602 47 (332) 7,486 (297) (241) 6,949 Opening EV Expected return on EV VNB Operating variances and assumption changes Others EV before economic factors Economic variances and economic assumption changes FX movements Closing EV EV increase driven by higher VNB, partially offset by ESR impact and economic factors 1H 2026 group embedded value (EV) evolution ($m) Note: 1 Other non-operating variances (including Japan ESR implementation impact), corporate centre expenses, and financing movements. | 2 Includes operating expense and commission variances. 1 EV operating profit (EVOP): $968m 15% increase YoY Economic factors: $(537)m (32) 16 39 1H24 1H25 1H26 Expense variances2 ($m) 5% YTD growth 327 in 1H 2025 1H25 impact: 37 Including ESR impact of (151)
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26 315 352 102 29 417 381 1H25 1H26 Capital generation impacted by one-time ESR adoption in Japan Net underlying free surplus generation ($m) Net remittances2 ($m) Note: 1 1H 2025 opening adjustments ($102m) mainly include free surplus uplift from reinsurance transactions, and 1H 2026 lower opening adjustments contributed by ESR impact. | 2 Refers to Note 4.1 of interim condensed consolidated financial statements and excludes other adjustments. | 3 Calculated as total borrowings divided by the sum of the total borrowings, total equity of the Group attributable to shareholders of the Company and non-controlling interests, and contractual service margin (net of reinsurance, tax and non-controlling interest), as of the end of the applicable period. Leverage ratio3 (%) 250 157 226 261 95 87 -31 7 541 512 1H25 1H26 Includes (74) impact from ESR implementation Incl. one-off repatriation of excess capital from FWD Life (Hong Kong) 21.3% 21.4% 2025 1H26 Hong Kong & Macau Thailand & Cambodia Japan Expansion Markets Net UFSG 1 Net UFSG before opening adjustments
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27 Financial flexibility maintained despite one-off impact from Japan ESR1 implementation Note: Charts are not drawn to scale. | 1 Economic value-based solvency regulation in Japan. | 2 Solvency margin ratio – former Japan regulatory solvency regime. | 3 The solvency ratio of FWD Life Japan as at 31 December 2025 and 30 June 2026 has been estimated based on the prevailing economic conditions, or the most recently available economic environment where current data is not readily available. | 4 Group LCSM cover ratio (PCR basis) is the ratio of our group available capital to our GPCR under Insurance (Group Capital) Rules from the Hong Kong Insurance Authority. | 5 Other impact includes the interest rate increase in Thailand and unfavourable foreign exchange movements, partially offset by reinsurance transactions. 1,622% 194% 197% 2025 SMR 2025 ESR 1H26 ESR 265% 210% 203% (55)% (7)% 2025 reported 2025 ESR adj. 1H26 ESR Impact Other 5 FWD Life Japan solvency ratio Group LCSM cover ratio (PCR basis4) 2 3 Lower Japan solvency ratio under ESR – economic principles align well with our risk management approach in running the business No material change in the Group’s current financial flexibility expected after ESR implementation 3
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28 Well-positioned to deliver sustainable growth and long-term value creation Sustainable value creation • Key value metrics expected to grow by mid-teen % Winning in home markets • Hong Kong & Japan’s high growth potential in HNW / savings segment • Southeast Asian markets are estimated to double G7 growth Tailored distribution • Growing brokerage/IFA to capture global HNW customer needs • Deepened bancassurance partnership and quality agency growth Tech-enabled transformation • Modular infrastructure and One Data platform for AI capability • Gen AI-enabled technology driving early tangible gains 7% APE YoY 25% NB CSM YoY All channels contributed to growth driving growth & efficiency Mid-teen value growth expected
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Appendix
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30 FWD Investor Relations Contact IR team Email: investor.relations@fwd.com Expected results release plan Results period Current expected results release date 1 Content 3Q26 Oct 2026 New business results FY26 Mar 2027 Full financial disclosure 1Q27 Apr 2027 New business results 1H27 Aug 2027 Full financial disclosure Note: 1 Expected results release dates are subject to change.
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31 Credit ratings reflect our strong balance sheet Note: On 9 December 2025, Fitch revised its outlook on the Company and our operating entities to “Positive” from “Stable” whilst affirming our issuer default rating at “BBB+" and operating entities' financial strength rating at "A“. On 22 July 2026, Moody's affirmed the operating entities' "A2" insurer financial strength ratingand the Company's "Baa1" issuer rating. | 1 FWD Life Bermuda is one of the entities in the Hong Kong & Macau segment. FWD Life Insurance Company (Bermuda) Limited (FWD HK)1 Insurance Financial Strength Rating / Insurer Financial Strength A2 / Stable A / Positive FWD Re SPC, Ltd Insurance Financial Strength Rating / Insurer Financial Strength A2 / Stable - FWD Life Insurance Company, Limited (FWD Life Japan) Insurer Financial Strength - A / Positive FWD Group Holdings Limited Issuer Rating / Issuer Default Rating Baa1 / Stable BBB+ / Positive Company Insurance Current rating
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32 575 600 SG$270 325 575500 500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Simplified capital structure and lengthened maturity profile Well-diversified debt maturity profile with no bond maturities until 2030 Revolving loan facility improves flexibility and boosts liquidity position $1,385m in total undrawn credit facilities Access to significant liquidity Bonds Loan ($m) • Sep-Oct 2025: US$575m dual-tranche 5yr and 10yr subordinated securities issued; retired US$900m subordinated notes and US$750m perpetual capital securities • Jul-Aug 2026: S$270m 5.75yr subordinated securities issued; US$200m perpetual capital securities redeemed Deleveraging and refinancing expected to achieve ~$78m reduction of annual financing cost
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33 Government bonds & agency 14% Corporate bonds 50% Structured securities 15% Loans & deposits 0.1% Equity securities, investment funds & other 20% Cash and others 1% High quality, well diversified investment portfolio1 Note: 1 Data as at 30 June 2026. | 2 Includes policyholder and shareholder participating funds, other participating business with distinct portfolios for equity shares and interests in investment funds. Unit-linked investments are excluded. | 3 Including debt funds (debt ETF, debt fund, and MMF), policy loans, secured loans and derivatives. | 4 Local government financing vehicle as at 30 June 2026. 1H 2026 $22.8bn 3.5% Fixed income yield 97% Investment grade fixed income No LGFV exposure4 AA Average rating of $5B structured securities Participating funds and other participating businesses’ assets2 Government bonds & agency 56% Structured securities & others 5% Equity securities, investment funds & other 8% Investment property 2% Cash & others 5% Loans & deposits 3% Corporate bonds 21% Other policyholder and shareholder assets 1H 2026 $27.6bn Total fixed Income : 86% Total fixed income : 80% 3 3
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34 Private credit exposure remains modest at ~1% of invested assets Asset type ($bn) Participating funds and other participating business assets Other policyholder and shareholder assets Total Private equity 2.7 0.9 3.6 Private credit funds1 0.5 0.1 0.6 Total private assets 3.1 1.0 4.2 Total invested assets 22.8 27.6 50.4 Total private assets/ Total invested assets 13.8% 3.7% 8.3% Private credit funds/Total invested assets 2.1% 0.3% 1.2% Small allocation at <0.5% of other policyholder and share holder assets • Managed by global private credit managers • >80% senior secured direct lending • No exposure in AI / software / tech sector specific private credit funds • Liquidity requirements and stress tests assume zero liquidity for private assets Note: As at 30 June 2026. | 1 Private credit universe includes direct lending, opportunistic credit, and asset-backed finance (ABF). 1H 2026
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35 55% 17% 11% 12% 5% Glorious Fortune Longevity II Participating product offering lifetime coverage with high protection leverage Differentiated propositions focused on customer needs Diverse propositions… …tailored for various customer needs in different markets4 Note: 1 Total VNB includes GMT impact of US$-6m. | 2 Non-par denotes non-participating products, and par denotes participating products. | 3 Includes group insurance products (group life insurance and group medical benefits) and COLI products (mainly sold to small-and-medium-sized companies in Japan to provide key-person protection). | 4 Percentage represents respective VNB contribution of each segment in 1H 2026. | 5 Expansion Markets refer to Indonesia, Malaysia, the Philippines, Singapore and Vietnam. Thailand and Cambodia Expansion Markets5 Japan Hong Kong and Macau Participating Individual Protection Non- participating 91% 6% 2% Individual Protection Non- participating 56% 7% Non- participating Participating Unit-linked 59% 20% 10% Unit-linked Group and Others Individual protection 39% 26% 16% Selected new products launched 2-pay unit-linked product which offers access to Global Payout Funds Saving to Ninety Endowment plan that doubles annual cash benefits upon diagnosis of advanced-stage cancer Non-par2Par2 Unit-linked Group and Others3 1H26 VNB by Product US$602m1 Fast Lane Pra-Gun-Hybrid Saving 15/5 Index-linked product providing returns linked to S&P 500, with yearly cashback benefits Unit-linked 37% Individual protection
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36 8.5% 7.6% 7.0% 13.0% 12.6% 10.7% 7.4% 8.7% 8.5% 7.6% 7.0% 13.0% 12.6% 10.7% 7.4% 8.7% Hong Kong & Macau Thailand Japan Indonesia Philippines Vietnam Singapore Malaysia 3.8% 2.8% 1.5% 6.5% 5.8% 4.0% 2.7% 3.8%3.8% 2.8% 1.5% 6.5% 5.8% 4.0% 2.7% 3.8% Hong Kong & Macau Thailand Japan Indonesia Philippines Vietnam Singapore Malaysia 2025 1H 2026 Embedded value: economic assumptions (%) Note: Rounded to one decimal place. | 1 Long-term 10-year government bond yields in US dollar-denominated bonds. Long-term investment returns (10-year government bond) (%) 1 Risk discount rates 1
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37 (11.2)% (5.1)% (5.8)% (9.2)% (2.5)% (10.2)% (7.4)% (4.7)% (8.7)% (2.3)% RDR +100bps Interest rates -50bps Lapses +10% Mortality / morbidity +10% USD +5% 1H 2025 1H 2026 (5.7)% (1.9)% (0.9)% (2.6)% (6.8)% (3.1)% (6.2)% (2.1)% (1.2)% (2.9)% (8.5)% (2.9)% RDR +100bps Equities -10% Interest rates +50bps Lapses +10% Mortality / morbidity +10% USD +5% 2025 1H 2026 Embedded value and value of new business sensitivities Key embedded value sensitivities1 (%) Note: 1 Based on operating entity embedded value. Key value of new business sensitivities (%)
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38 1.8% 2.1% 2.3% 2.7% 3.1% 1.4% 1.7% 2.0% 2.5% 2.9% 1 year 5 years 10 years 15 years 20 years 2025 1H 2026 1.0% 1.7% 2.2% 2.7% 3.3% 1.3% 2.1% 2.9% 3.4% 4.0% 1 year 5 years 10 years 15 years 20 years 1.7% 1.9% 2.3% 2.8% 3.2% 1.4% 2.0% 2.6% 3.2% 3.6% 1 year 5 years 10 years 15 years 20 years 3.4% 3.5% 3.9% 4.2% 4.3% 3.9% 3.9% 4.0% 4.1% 4.2% 1 year 5 years 10 years 15 years 20 years 4.3% 4.5% 5.0% 5.5% 5.8% 4.8% 5.0% 5.3% 5.6% 5.9% 1 year 5 years 10 years 15 years 20 years IFRS 17: risk-free rates with illiquidity premium Risk-free rate (“RFR”) with illiquidity premium – USD Note: All rates presented for FWD are spot rates as at 31 December 2025 for 2025 and 30 June 2026 for 1H 2026. RFR with illiquidity premium – HKD RFR with illiquidity premium – THB RFR with illiquidity premium – JPY RFR with illiquidity premium – CNY
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39 1.3% (2.1%) 3.1% (3.3%) 3.5% Group LCSM cover ratio (PCR basis1) sensitivities Note: 1 Based on Insurance (Group Capital) Rules issued by the Hong Kong Insurance Authority. PCR denotes prescribed capital requirement. | 2 Sensitivities are based on reported sensitivities before ESR implementation in 2025. 1H 2026 Equities +10% Equities -10% Interest rates +50bps Interest rates -50bps USD appreciates 5% USD depreciates 5% 20252 1.0% (1.2%) (0.4%) 2.8% (1.0%) 1.1% (14.1%) Interest rate and FX sensitivities reduction due to higher Thailand interest rates and Japan ESR implementation
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40 8,717 165 (1,230) 619 (319) 117 697 59 8,825 Opening CTE Net profit/(loss) Fair value gains/(losses) on assets Net finance income/(expenses) from insurance and reinsurance contracts Foreign currency translation adjustments Other capital movements Net CSM movement Intangible assets movement Closing CTE 1H 2026 comprehensive tangible equity (CTE) ($m) Note: Movements are net of non-controlling interests and tax impacts where applicable. YE25-1H26 CTE growth (CER): 5%