Strengthened internal controls and clearer progress on long-standing audit issues feature in the agency's more optimistic view, while investment income continues to support earnings.
Despite the phased liberalisation of motor and fire pricing, AM Best notes that Lonpac’s robust capitalisation and stable performance continue to underpin its ratings.
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.
