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FWD Group Holdings Limited
(1828)
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Rating:63Neutral
Price Target:
HK$31.00
▲(0.00% Upside)
Action:N/A
Date:06/02/26
The score is primarily supported by improving financial performance (recovery to profitability and manageable leverage), but is held back by weakening cash-flow trends in 2025 and an unfavorable technical setup (price below key moving averages with negative MACD). A low P/E provides a meaningful valuation offset.
Positive Factors
Steady revenue growth
Sustained top-line growth (14.8% reported revenue growth) indicates expanding product uptake and distribution reach across Asian markets. Durable revenue expansion supports scale benefits for underwriting and distribution economics, helping margins and long-term investment in digital and agency channels.
Negative Factors
Deteriorating cash generation
Weaker operating cash flow and declining free cash flow in 2025 reduce the firm's ability to self-fund claims, commissions and capex. Persistent cash conversion weakness raises reliance on investment returns or external funding and increases sensitivity to interest rate or market shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Sustained top-line growth (14.8% reported revenue growth) indicates expanding product uptake and distribution reach across Asian markets. Durable revenue expansion supports scale benefits for underwriting and distribution economics, helping margins and long-term investment in digital and agency channels.
Read all positive factors
FWD Group Holdings Limited (1828) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$35.50B
Dividend YieldN/A
Average Volume (3M)401.55K
Price to Earnings (P/E)3.2
Beta (1Y)0.63
Revenue Growth14.79%
EPS GrowthN/A
CountryHK
Employees6,772
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,279,622,100
10 Day Avg. Volume327,386
30 Day Avg. Volume401,551
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)0.56
Price to Sales (P/S)0.80
P/FCF Ratio24.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$44.57Price Target Upside43.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
FWD Group Holdings Limited Business Overview & Revenue Model
Company Description
FWD Group Holdings Limited, together with its subsidiaries, provides life insurance products and services. The company operates through Hong Kong & Macau, Thailand & Cambodia, Japan, Emerging Markets, and Corporate and Others segments. It also off...
How the Company Makes Money
FWD primarily makes money through its insurance operations and investing the assets generated from those operations. Key revenue and earnings drivers typically include: (1) Insurance premiums and policy fees collected from customers for life, heal...
FWD Group Holdings Limited Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
71
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.81B | 3.98B | 3.09B | 2.28B | 88.23B |
| Gross Profit | 4.07B | 3.17B | 2.34B | 74.00M | 81.46B |
| EBITDA | 1.63B | 1.52B | 483.86M | -82.00M | 1.60B |
| Net Income | 166.00M | 24.00M | -716.00M | -219.00M | 1.56B |
Balance Sheet | |||||
| Total Assets | 62.36B | 53.71B | 52.67B | 50.59B | 496.27B |
| Cash, Cash Equivalents and Short-Term Investments | 38.99B | 33.09B | 31.04B | 32.29B | 2.66B |
| Total Debt | 3.16B | 2.90B | 2.65B | 2.33B | 17.25B |
| Total Liabilities | 55.49B | 46.90B | 45.04B | 42.10B | 52.89B |
| Stockholders Equity | 6.82B | 6.75B | 7.58B | 6.77B | 56.56B |
Cash Flow | |||||
| Free Cash Flow | 158.00M | 370.00M | 557.00M | -885.00M | -836.12M |
| Operating Cash Flow | 247.00M | 526.00M | 629.00M | -391.00M | -819.18M |
| Investing Cash Flow | -84.00M | -110.00M | -97.00M | -553.00M | 59.79M |
| Financing Cash Flow | -393.00M | -705.00M | 25.00M | -190.00M | 706.57M |
FWD Group Holdings Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$66.13B | 2.54 | 29.19% | 1.81% | 11.51% | 250.65% | |
68 Neutral | HK$41.64B | 5.70 | 10.97% | 5.22% | 3.44% | 15.71% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | HK$48.00B | 4.22 | 8.96% | 3.22% | 9.08% | -7.65% | |
63 Neutral | HK$35.50B | 3.19 | 4.19% | ― | 14.79% | ― | |
55 Neutral | HK$15.30B | 11.07 | 4.69% | ― | 8.41% | 72.89% |
* Financial Sector Average
HK:1828
FWD Group Holdings Limited
27.80
-10.20
-26.84%
HK:6060
ZhongAn Online P & C Insurance Co., Ltd
9.17
-9.09
-49.78%
HK:0966
China Taiping Insurance Holdings Co
18.52
3.56
23.81%
HK:1508
China Reinsurance (Group) Corp. Class H
1.14
-0.03
-2.15%
HK:6963
Sunshine Insurance Group Co. Ltd.
3.41
0.37
12.02%
HK:6623
Lufax Holding Ltd Class A
10.90
0.00
0.00%
FWD Group Holdings Limited Corporate Events
FWD Group Wins Strong Shareholder Backing at AGM, Refreshes Mandates and Board
May 29, 2026
Shareholders of FWD Group Holdings Limited overwhelmingly approved all 21 ordinary resolutions at the annual general meeting held on 29 May 2026, including adoption of the 2025 audited accounts, re-election of the full slate of existing directors ...
FWD Group Details Board and Committee Structure to Strengthen Governance
May 29, 2026
FWD Group Holdings Limited has outlined the composition of its board of directors, naming Professor Ma Si Hang, Frederick as chairman and independent non-executive director, alongside a mix of executive, non-executive and independent non-executive...
FWD Group Corrects Figures in Share Award Grant to CEO and Updates Plan Capacity
May 6, 2026
FWD Group Holdings has issued a clarification on its recent grant of share awards under its Share Award Plan, correcting clerical errors in the figures previously disclosed. The company now states that it granted a total of 6,088,294 restricted sh...
FWD Group Grants Over 14.8 Million Share Awards to CEO and Staff
May 4, 2026
FWD Group Holdings has granted 6,313,541 restricted share units and 8,537,819 performance share units under its share award plan to 377 employees and its group chief executive officer, with no purchase price and a vesting period of three to four y...
FWD Group posts strong Q1 2026 new business growth across Asia
Apr 29, 2026
FWD Group reported robust new business momentum for the first quarter of 2026, with new business sales rising 4 per cent year on year to US$720 million on an annualised premium equivalent basis and new business contractual service margin climbing ...
FWD Group Sets 2026 AGM to Renew Board and Capital Mandates
Apr 15, 2026
FWD Group Holdings Limited has called its annual general meeting for 29 May 2026 in Hong Kong, where shareholders will review and adopt the audited consolidated financial statements for the year ended 31 December 2025. The agenda also includes re-...
FWD Group posts record 2025 profit and boosts capital strength after Hong Kong listing
Mar 15, 2026
FWD Group reported record full-year 2025 results, its first as a Hong Kong-listed company, highlighting strong growth in new business sales, operating profit and shareholder value metrics. The insurer’s comprehensive tangible equity rose 18 ...
FWD Group Sets Formal Mandate for Nomination and Corporate Governance Committee
Mar 13, 2026
FWD Group Holdings Limited has formalised the terms of reference for its Nomination and Corporate Governance Committee, a board-level body created in February 2022 to oversee nomination practices and corporate governance across the group. The comm...
FWD Group Sets Formal Mandate for Board Risk Committee to Bolster Enterprise Risk Oversight
Mar 13, 2026
FWD Group Holdings Limited has formalized the terms of reference for its Board Risk Committee, defining its role in overseeing an enterprise risk management framework across the group. The committee is tasked with ensuring the adequacy and effecti...
FWD Group Sets Robust Mandate for Audit Committee Oversight
Mar 13, 2026
FWD Group Holdings Limited has formalised detailed terms of reference for its Audit Committee, a board-level body composed of at least three non-executive directors, the majority of whom must be independent and with at least one member possessing ...
FWD Group Sets Formal Mandate for Board Compensation Committee
Mar 13, 2026
FWD Group Holdings Limited has formalized the terms of reference for its Compensation Committee, a board‑level body responsible for overseeing remuneration across the group. The committee’s mandate covers remuneration policies for dire...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.