Ratings affirmation and outlook upgrade came as FWD Group moved from its inaugural full-year profit of US$10m in 2024 to US$39m in the first half of 2025, driven by new business growth.
The insurer posted positive earnings in spite of losses from Typhoon Yagi in 2024, and underwriting margins have shown a recovery in the first nine months of 2025.
The firm's new business profit also rose 12% to US$1.96bn for the first 9 months of 2025, driven by a 6% increase in annual premium equivalent and a stronger profit margin.
S&P raised Income Insurance’s stand-alone credit profile to ‘a+’ and maintained its stable outlook, citing improved capital clarity and continued government support expectations.
