FWDGroupHoldingsLimited：ApplicationProof(1stsubmission).pdf

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1、The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contentsof this Application Proof,make no representation as to its accuracy or completeness and expressly disclaim any liabilitywhatsoever for any loss howsoever arising from or in relian

2、ce upon the whole or any part of the contents of this ApplicationProof.Application Proof ofFWD GROUP HOLDINGS LIMITED富衛集團有限公司(the“Company”)(Incorporated in the Cayman Islands with limited liability)WARNINGThe publication of this Application Proof is required by The Stock Exchange of Hong Kong Limite

3、d(the“StockExchange”)/the Securities and Futures Commission(the“Commission”)solely for the purpose of providing information tothe public in Hong Kong.This Application Proof is in draft form.The information contained in it is incomplete and is subject to change which can bematerial.By viewing this do

4、cument,you acknowledge,accept and agree with the Company,its joint sponsors,overallcoordinators,advisers or members of the underwriting syndicate that:(a)thisdocumentisonlyforthepurposeofprovidinginformationabouttheCompanytothepublicinHongKongandnotfor any other purposes.No investment decision shoul

5、d be based on the information contained in this document;(b)the publication of this document or supplemental,revised or replacement pages on the Stock Exchanges websitedoes not give rise to any obligation of the Company,its joint sponsors,overall coordinators,advisers or members ofthe underwriting s

6、yndicate to proceed with an offering in Hong Kong or any other jurisdiction.There is no assurancethat the Company will proceed with the offering;(c)the contents of this document or supplemental,revised or replacement pages may or may not be replicated in full orin part in the actual final listing do

7、cument;(d)the Application Proof is not the final listing document and may be updated or revised by the Company from time totime in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;(e)thisdocumentdoesnotconstituteaprospectus,offeringcircular,not

8、ice,circular,brochureoradvertisementofferingto sell any securities to the public in any jurisdiction,nor is it an invitation to the public to make offers to subscribe fororpurchaseanysecurities,norisitcalculatedtoinviteoffersbythepublictosubscribefororpurchaseanysecurities;(f)this document must not

9、be regarded as an inducement to subscribe for or purchase any securities,and no suchinducement is intended;(g)neither the Company nor any of its affiliates,advisers or underwriters is offering,or is soliciting offers to buy,anysecurities in any jurisdiction through the publication of this document;(

10、h)no application for the securities mentioned in this document should be made by any person nor would suchapplication be accepted;(i)the Company has not and will not register the securities referred to in this document under the United StatesSecurities Act of 1933,as amended,or any state securities

11、laws of the United States;(j)as there may be legal restrictions on the publication of this document or dissemination of any information containedin this document,you agree to inform yourself about and observe any such restrictions applicable to you;and(k)the application to which this document relate

12、s has not been approved for listing and the Stock Exchange and theCommission may accept,return or reject the application for the subject public offering and/or listing.THIS APPLICATION PROOF IS NOT FOR PUBLICATION OR DISTRIBUTION TO PERSONS IN THE UNITED STATES.ANYSECURITIESREFERREDTOHEREINHAVENOTBE

13、ENANDWILLNOTBEREGISTEREDUNDERTHEU.S.SECURITIESACTOF 1933,AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES WITHOUT REGISTRATION THEREUNDER ORPURSUANT TO AN AVAILABLE EXEMPTION THEREFROM.NO PUBLIC OFFERING OF THE SECURITIES WILL BE MADEIN THE UNITED STATES.NEITHER THIS APPLICATION PROOF NOR ANY INF

14、ORMATION CONTAINED HEREIN CONSTITUTES AN OFFER TOSELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHERJURISDICTIONS WHERE SUCH OFFER OR SALE IS NOT PERMITTED.THIS APPLICATION PROOF IS NOT BEING MADEAVAILABLE IN,AND MAY NOT BE DISTRIBUTED OR SENT TO ANY JURISDI

15、CTION WHERE SUCH DISTRIBUTION ORDELIVERY IS NOT PERMITTED.No offer or invitation will be made to the public in Hong Kong until after a prospectus of the Company has been registeredwith the Registrar of Companies in Hong Kong in accordance with the Companies(Winding Up and MiscellaneousProvisions)Ord

16、inance(Chapter 32 of the Laws of Hong Kong).If an offer or an invitation is made to the public in Hong Kongin due course,prospective investors are reminded to make their investment decisions solely based on the Companysprospectus registered with the Registrar of Companies in Hong Kong,copies of whic

17、h will be published to the public duringthe offer period.If you are in any doubt about any of the contents of this document,you should obtain independent professional advice.FWD GROUP HOLDINGS LIMITED富衛集團有限公司(Incorporated in the Cayman Islands with limited liability)REDACTEDNumber of REDACTED undert

18、he REDACTED:REDACTED Shares(subject to theREDACTED)Number of REDACTED:REDACTED Shares(subject to reallocation)Number of REDACTED:REDACTED Shares(including REDACTEDand REDACTED)(subject to reallocationand the REDACTED)REDACTED:REDACTED per REDACTED plus brokerageof 1.0%,SFC transaction levy of 0.0027

19、%,AFRC transaction levy of 0.00015%andStock Exchange trading fee of 0.00565%(payable in full on application in HongKong dollars and subject to refund)Nominal Value:US$0.01 per ShareStock Code:REDACTEDJoint Sponsors,REDACTED and REDACTEDFinancial AdviserHong Kong Exchanges and Clearing Limited,The St

20、ock Exchange of Hong Kong Limited and Hong Kong Securities Clearing CompanyLimited take no responsibility for the contents of this document,make no representation as to its accuracy or completeness and expresslydisclaim any liability whatsoever for any loss howsoever arising from or in reliance upon

21、 the whole or any part of the contents of thisdocument.A copy of this document,having attached thereto the documents specified in“Appendix VI Documents Delivered to the Registrar ofCompanies in Hong Kong and Documents on Display”,has been registered by the Registrar of Companies in Hong Kong as requ

22、ired bySection 342C of the Companies(Winding Up and Miscellaneous Provisions)Ordinance(Chapter 32 of the Laws of Hong Kong).TheSecuritiesandFuturesCommissionandtheRegistrarofCompaniesinHongKongtakenoresponsibilityastothecontentsofthisdocumentor any other documents referred to above.The REDACTED is e

23、xpected to be determined by agreement between the REDACTED(on behalf of the REDACTED),our Company onthe REDACTED,which is expected to be on or about REDACTED and,in any event,not later than REDACTED on REDACTED.TheREDACTED will not be more than HK$REDACTED per REDACTED and is expected to be not less

24、 than HK$REDACTED perREDACTED,unless otherwise announced.TheREDACTEDhavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActoranystatesecuritieslawoftheUnitedStatesandmay not be offered or sold in the United States except pursuant to an exemption from,or in a transaction that is not subject to,the

25、registration requirements of the U.S.Securities Act.The REDACTED may be offered,sold or delivered(a)in the United States only topersons who are QIBs in reliance on Rule 144A,or pursuant to another exemption from,or in a transaction not subject to,registrationrequirements of the U.S.Securities Act an

26、d(b)outside the United States in offshore transactions in accordance with Regulation S.Prior to making an investment decision,prospective investors should consider carefully all of the information set out in this document,includingtheriskfactorssetoutin“RiskFactors”.TheobligationsoftheREDACTEDundert

27、heREDACTEDaresubjecttoterminationbythe REDACTED(on behalf of the REDACTED)if certain grounds arise prior to 8:00 a.m.on the REDACTED.Such grounds are set outin“REDACTED”.It is important that you refer to that section for further details.REDACTEDIMPORTANTREDACTEDTHISDOCUMENTISINDRAFTFORM,INCOMPLETEAN

28、DSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDIMPORTANTTHISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT

29、.REDACTEDIMPORTANTTHISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDIMPORTANTTHISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH

30、THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDIMPORTANTTHISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDEXPECTED TIMETABLE(1)i THISDOCUMENTISINDRAFTFORM,INCOMPLE

31、TEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDEXPECTED TIMETABLE(1)ii THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COV

32、ER OF THIS DOCUMENT.REDACTEDEXPECTED TIMETABLE(1)iii THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDEXPECTED TIMETABLE(1)iv THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGE

33、ANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDEXPECTED TIMETABLE(1)v THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.I

34、MPORTANT NOTICE TO INVESTORSThis document is issued by our Company solely in connection with theREDACTED,the REDACTED,the REDACTED,the REDACTED,the REDACTEDand the REDACTED,and does not constitute an REDACTED to sell or a solicitation ofan REDACTED to buy any securities other than the REDACTED by th

35、is documentpursuant to the REDACTED,the REDACTED and the REDACTED.This documentmaynotbeusedforthepurposeof,anddoesnotconstitute,anREDACTEDorinvitationin any other jurisdiction or in any other circumstances.No action has been taken topermit a REDACTED of the REDACTED or the distribution of this docum

36、ent in anyjurisdiction other than Hong Kong.The distribution of this document and theREDACTED and REDACTED in other jurisdictions are subject to restrictions and maynot be made except as permitted under the application securities laws of suchjurisdictions pursuant to registration with or authorisati

37、on by the relevant securitiesregulatory authorities or an exemption therefrom.You should rely only on the information contained in this document to makeREDACTED decision.The REDACTED is made solely on the basis of the informationcontainedandtherepresentationsmadeinthisdocument.NeitherourCompanynoran

38、yof the Relevant Persons has authorised anyone to provide you with any information or tomake any representation that is different from what is contained in this document.Anyinformation or representation not made in this document must not be relied on by you ashaving been authorised by our Company or

39、 any of the Relevant Persons.Informationcontained on our website,at ,does not form part of this document.PageExpected Timetable.iContents.viSummary.1Definitions and Glossary.20Overview of the REDACTED.54Responsibility Statement and Forward-Looking Statements.55Risk Factors.59Directors and Parties In

40、volved in the REDACTED.128Corporate Information.134History,Reorganisation and Corporate Structure.136Industry Overview.188CONTENTS vi THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Regul

41、atory Overview and Taxation.212Business.269Financial Information.343Embedded Value.452Share Capital.454REDACTED.458Substantial Shareholders.459Relationship with the Controlling Shareholders.462Connected Transactions.471Directors and Senior Management.487Future Plans and REDACTED.509Waivers from Stri

42、ct Compliance with the Listing Rules and Exemptions fromStrict Compliance with the Companies(WUMP)Ordinance.511REDACTED.524REDACTED.533REDACTED.551Appendix IAccountants Report.I-1Appendix IIREDACTED.II-1Appendix IIIActuarial Consultants Report.III-1Appendix IVSummary of the Constitution of our Compa

43、ny andCayman Islands Company Law.IV-1Appendix VStatutory and General Information.V-1Appendix VIDocuments Delivered to the Registrar of Companies inHong Kong and Documents on Display.VI-1CONTENTS vii THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WI

44、TH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.This summary is intended to give you an overview of the information contained inthis document.Since it is a summary,it does not contain all the information that may beimportanttoyou.Youshouldreadthisdocumentinitsentiretybeforeyoudecidewheth

45、erto invest in the REDACTED.Some of the particular risks of investing in theREDACTED are set out in“Risk Factors”and you should read that section carefullybefore you decide to invest in the REDACTED.References to“Group”,“we”,“our”or“us”are to FWD Group Holdings Limited andits consolidated subsidiari

46、es.Unless the context otherwise requires,references to 2022,2023 and 2024 refer to our fiscal year ended 31 December of that year.All growth ratesincludedinthissection,includingcompoundedgrowthrates,arepresentedonanactualexchange rate(“AER”)basis,unless otherwise stated.OVERVIEWWe are a fast-growing

47、 Pan-Asian life insurer with a customer-led and digitally-enabledmodel.Wewerefoundedin2013byMr.RichardLi,withtheambitionofforgingourownpathas a next-generation insurer in Asia.Our vision is changing the way people feel aboutinsurance.We have built our leadership team and culture to align with our vi

48、sion.We have built a Pan-Asian presence by adapting to evolving market trends andcustomer needs.We have adopted a multi-channel distribution model,invested in robustdigital infrastructure and data analytics capabilities,and expanded partnership and referralopportunities.According to NMG,the aggregat

49、e life insurance gross written premiums(“GWP”)in our current markets is forecast to grow from an estimated US$407 billion in 2023to US$579 billion in 2033,offering significant market opportunities.We believe thatstructural demographic and macroeconomic factors,including middle-class expansion,ongoin

50、gwealthaccumulation,asignificantprotectiongap,whichistheestimatedadditionallife insurance premiums needed annually to fully meet mortality and health protectionneeds,as well as digital acceleration,are key drivers for the growth of the Pan-Asianinsurance sector.We have grown from three markets at in

51、ception to ten markets,including Hong Kong(and Macau),Thailand(and Cambodia),Japan,and Emerging Markets,comprising thePhilippines,Indonesia,Singapore,Vietnam and Malaysia(collectively,the“FWD markets”,each a“FWD market”).We have entered certain of these new markets by obtaining newlicences(such as i

52、n the Philippines and Indonesia)or via the acquisition of licensed lifeinsurers with limited operations locally(such as in Singapore,Vietnam,Malaysia andCambodia).Our Hong Kong(and Macau),Thailand(and Cambodia),Japan and EmergingMarkets operations contributed 34.2%,32.6%,15.7%and 17.5%,respectively,

53、of newbusiness contractual service margin(“new business CSM”)in 2024.Our geographiccoverage provides us with growth opportunities in developed insurance markets such asHong Kong(and Macau)and Japan,as well as exposure to Southeast Asia,which comprisessome of the fastest growing insurance markets in

54、the world with an expanding butSUMMARY 1 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.underinsuredpopulation.OurSoutheastAsiamarkets(comprisingThailand(andCambodia),the Philippines,Ind

55、onesia,Singapore,Vietnam and Malaysia)contributedapproximately 50%of our new business CSM in 2024.We were ranked as a top five insurerand the top bancassurer within our Southeast Asia markets by annualised premiumequivalent(“APE”)in 2023,according to NMG.We achieved 5.2 times growth of our APE in 20

56、24 since our first full year of operationsin2014,growingfromUS$309millionin2014toUS$1,916millionin2024.OurAPEincreasedby 18.6%on a constant exchange rate(“CER”)basis from 2023 to 2024.To facilitate a moremeaningful comparison,we also present APE on a“like-for-like”basis(which reflects theimpact of t

57、he revisions and updates to our methodology and operating assumptions at theend of 2023;see“Financial Information Key Performance Indicators”for details),on thebasis of which our APE increased by 20.9%over the same period.We are customer-led and we put customers at the heart of everything we do.We h

58、aveadopted a digitally-enabled,multi-channel distribution model to enhance,extend andempower our distribution,effectively serving diverse customer needs and meetingcustomerswherever,wheneverandhowevertheychoose.Ourdistributionchannelsincludebancassurance,agency,brokerage/IFA and others,which include

59、 digital commerce andother distribution channels.These channels contributed 46.6%,15.2%,31.8%and 6.5%respectively,of our VNB in 2024.To serve sophisticated,affluent and mass-affluentcustomers who value personalised interactions,we have built a leading Southeast Asianbancassurance platform with eight

60、 exclusive partnerships as of the Latest Practicable Date.We were ranked sixth in 2024 among multi-national insurers globally in terms of the numberof Million Dollar Round Table(“MDRT”)registered members.As of 31 December 2024,wehad over 2,900 brokerage and IFA partners.We have also built a digital

61、commerce platformto effectively reach digitally-native,tech-savvy and young-at-heart customers through ourdirect-to-customer(“D2C”)eCommerce platform,our bank partners digital channels andecosystem partners platforms supported by application programming interface(“API”)integration,andonline-to-onlin

62、e,online-to-offlineandoffline-to-online(collectively,“O2O”)referral programmes.Together,our distribution channels grant us access to a number ofexclusive and non-exclusive bank partners,with a combined customer base of over 280million,according to NMG.Weoffereasy-to-understandandrelevantpropositions

63、throughourdiverseportfoliooflife insurance,health insurance,employee benefits(group insurance)and financial planningproducts.We classify our key products into(i)participating life,(ii)non-participating life,(iii)critical illness,term life,medical and riders,(iv)unit-linked insurance,and(v)groupinsur

64、ance and others,which contributed 36.5%,28.0%,22.2%,7.5%and 5.7%,respectively,of our VNB in 2024.Through our digital and data analytics tools,which are built increasinglyupon artificial intelligence(“AI”)and are standardised across our Group,we have made ourcustomers insurance journeys simpler,faste

65、r and smoother.Our individual policyholderbase increased at a CAGR of 4.0%from 31 December 2022 to 31 December 2024.SUMMARY 2 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.We have exper

66、ienced substantial growth and demonstrated a strong track record ofexecution,and our business is supported by a strong balance sheet to allow for futuregrowth.We assess our capital adequacy with reference to the Insurance(Group Capital)Rules,which determine the calculation of the Group local capital

67、 summation method(“Group LCSM”)tier 1 minimum capital requirement(“MCR”)and prescribed capitalrequirement(“PCR”)bases.Our Group LCSM free surplus(PCR basis)is the differencebetweenourgroupavailablecapitalandourgroupprescribedcapitalrequirement(“GPCR”),and our Group LCSM cover ratio(PCR basis)is the

68、ratio of our group available capital to ourGPCR.OurGroupLCSMtier1coverratio(MCRbasis)istheratioofourGrouptier1availablecapital to our group minimum capital requirement(“GMCR”).Our Group LCSM cover ratio(PCR basis)was 260%as of 31 December 2024,before giving effect to the REDACTED ofthe REDACTED.See“

69、Financial Information Key Performance Indicators”and“FinancialInformation Solvency and Capital Group Capital Adequacy”for details.OUR COMPETITIVE STRENGTHSWebelievethatthefollowingcompetitivestrengthshaveprovideduswiththeabilitytomaintainourstronggrowth:(a)weareafast-growingPan-Asianlifeinsurercaptu

70、ringgrowthopportunities in the most attractive markets in the region;(b)we offer compelling customerpropositions with a distinctive brand;(c)we have tech-enabled multi-channel distributioncapabilities tailored to market needs;(d)we have a purpose-built digital infrastructure withdata analytics at it

71、s core;and(e)we have delivered agile execution under the leadership of ahighly experienced management team.OUR GROWTH STRATEGIESTo maintain our strong growth momentum,we plan to implement the followingstrategies:(a)generate value by reinforcing leadership in customer acquisition andengagement;(b)inc

72、rease scale and productivity of distribution partnerships;(c)deliverrelevant and innovative customer propositions;(d)optimise customer experience and boostoperating leverage through continued investment in digitalisation;and(e)create additionalvalue by pursuing selective value-enhancing expansion op

73、portunities.OUR MARKET POSITIONINGSoutheastAsiaisexpectedtobeakeydriverofgrowthintheAsialifeinsurancemarket,given the population base,the proportion of the middle class in the overall population,andthe larger protection gap,compared to the rest of the Asia region.The competitive landscape of Southea

74、st Asias life insurance industry has changeddramatically in a short period of time.In terms of ranking by APE in our Southeast Asiamarkets(comprising Thailand(and Cambodia),Philippines,Indonesia,Singapore,VietnamandMalaysia),weareestimatedtohavegrownfromfourteenthplacein2015tofifthplacein2023,making

75、 us the fastest-growing Pan-Asian life insurer(defined as a life insurercompeting in three or more FWD markets)in that period.This is illustrated in the followingcharts,whichalsoincludeourmarketrankingandmarketshareineachFWDmarketin2023.We tailor our approach in each market to capture the unique opp

76、ortunities with specificdistribution and product strategies,primarily focusing on driving VNB growth.SUMMARY 3 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Insurers Across Southeast As

77、ia Markets1by Individual New Business(APE2,2023,US$billions)AIAPrudentialMuang ThaiAXAGreat EasternThai LifeSCB LifeManulifeAllianzAvivaBangkok LifeDai-ichi LifeSun LifeFWDNTUC IncomeTokio MarineGeneralieTiQaBo VitHong Leong1.41.40.80.70.70.40.30.30.30.30.30.20.20.20.10.10.10.10.10.1Prudential1.91.9

78、1.31.21.00.60.40.40.30.30.30.30.20.20.20.20.10.10.10.120152023AIAGreat EasternManulifeFWDAllianzSun LifeAXAMuang ThaiThai LifeSinglifeeTiQaNTUC IncomeDai-ichi LifeGeneraliHSBCHong LeongBo VitBangkok LifeTokio Marine+1-1+2+4+9+3+6-4-6-4+80+6+2-2+2+6+2+2-4-8 in RankingSince 2015Pan-Asian insurer3Sub-R

79、egional insurerSource:NMG Asia Life Insurance Market Model(1)Southeast Asia markets include Thailand(and Cambodia),the Philippines,Indonesia,Singapore,Vietnam,and Malaysia.(2)Using local market convention for APE,using static FX rates as at 30 June 2023.(3)Pan-Asian insurer is defined as a life insu

80、rer competing in three or more FWD markets,and Sub-Regionalinsurer is defined as an insurer competing in two or fewer FWD markets(and where an insurer is grouped toits ultimate shareholder if ownership stake is greater than 40%).SUMMARY 4 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHAT

81、THEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Individual Life Insurance Market Share Rankings Across FWD Markets(APE1,2023)Tokio MarineThai SamsungBangkok LifeAllianzPrudentialAXAThai LifeOtherAIACompetitorFWD#2Muang ThaiThailand1.5%10.1%11.1%23.

82、3%17.7%11.8%1.4%6.6%4.5%5.5%6.5%Market ShareHong Kong&MacauCompetitor20.3%Market Share16.0%14.1%10.8%7.0%3.6%3.7%9.5%6.2%4.9%4.0%PrudentialBOC LIFEChina LifeManulifeSun LifeCTF LifeFWD#10HSBCAIAAXAOther20.6%Market Share14.8%7.7%5.9%5.3%16.4%6.7%6.7%6.2%5.5%3.6%0.7%JapanAXAFWD#20Nippon LifeCompetitor

83、Dai-ichi LifeTaiyo LifeMitsui SumitomoPFISony LifeMetLifeMeiji Yasuda LifeOtherSumitomo LifePrudentialManulifeAIADai-ichi LifeSovannaphumeTiQaFWD#7PhillipForte LifeFortune LifeOtherCambodia35.8%21.0%16.5%9.8%9.4%2.8%1.8%1.2%0.9%0.5%0.3%Market ShareCompetitorAll FWD MarketsOtherChina LifeBOC LIFEFWD#

84、86.2%6.8%ManulifeAXA9.4%8.8%3.4%Dai-ichi Life41.6%5.1%3.6%3.9%AIAPrudentialHSBC3.0%8.0%Nippon LifeMarket ShareCompetitorMalaysia2eTiQaAllianzHong LeongGreat Eastern20.8%20.4%18.0%6.0%2.4%4.2%9.3%7.6%PrudentialAIASun LifeTokio MarineOtherZurich7.3%1.9%FWD#92.0%CompetitorMarket ShareSUMMARY 5 THISDOCU

85、MENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Indonesia14.4%Market Share13.7%10.0%5.2%3.4%3.0%23.4%8.9%7.5%6.6%3.8%AllianzCompetitorPrudentialAXAFWD3#4ManulifeAIACapital LifeGeneraliSIMAS JIWAO

86、therMitsui SumitomoSingaporeCompetitorMarket ShareHSBCFWD#8Great Eastern22.8%21.4%17.0%5.7%13.1%7.8%ManulifePrudentialAIASinglifeUtmostNTUC Income1.7%4.5%1.4%eTiQa1.4%Other3.2%VietnamMarket ShareCompetitorChubbGeneraliMB AgeasFWD#712.3%13.1%Sun LifeAIA17.5%13.5%Bo Vit9.4%3.4%7.6%Other6.9%7.1%Prudent

87、ialDai-ichi LifeManulife4.7%4.6%PhilippinesCompetitorMarket ShareSun Life14.0%19.3%17.1%6.5%6.0%5.4%5.1%9.1%7.5%6.7%PrudentialAIAFWD#4BDOManulifeInsularAllianzAXAOthereTiQa3.3%Pan-Asian insurer4Sub-Regional insurerSource:NMG Asia Life Insurance Market Model(1)Using static FX rates as at 30 June 2023

88、.(2)Includes conventional insurance and takaful.(3)Includes BRI Life.(4)Pan-Asian insurer is defined as a life insurer competing in three or more FWD markets,and Sub-Regionalinsurer is defined as an insurer competing in two or fewer FWD markets(and where an insurer is grouped toits ultimate sharehol

89、der if ownership stake is greater than 40%).SUMMARY 6 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.RECENT DEVELOPMENTSPublication of Offering Circular under Global Medium Term Note and

90、 Capital SecuritiesProgrammeAs disclosed in“Financial Information Liquidity and Capital Resources”,we believethat our current cash and anticipated cash flow generated from operating and financingactivities and REDACTED from the REDACTED will be sufficient to meet our anticipatedworking capital requi

91、rements,including our cash needs for operating expenses,paymentliabilitiesunderourinsurancecontractsanddebtobligationsandcapitalexpenditures,inthenext 12 months.Nevertheless,we may seek to issue equity or debt securities includingthrough the establishment of and drawdowns under medium-term notes pro

92、grammesand/or standalone bond issuances if,amongst other things,we determine that it is desirableto refinance certain of our outstanding indebtedness,whether at or prior to maturity.Forexample,on 27 March 2025,we published an offering circular under our US$5,000,000,000global medium term note and ca

93、pital securities programme(“GMTN Programme”).If wedetermine to issue notes and/or capital securities pursuant to such programme prior to thecompletion of the REDACTED(including shortly after the Latest Practicable Date)and/orshortly after the completion of the REDACTED,the proceeds from such issuanc

94、e would beused primarily to refinance the relevant indebtedness in line with sound treasury practices,including to manage our overall finance costs,extend our debt maturity profile,and/or toestablish ongoing market access.NO MATERIAL ADVERSE CHANGEThe Directors believe that,having performed reasonab

95、le due diligence on the Group,there has been no material adverse change in our financial or trading position since31 December 2024 and up to the date of this document.SUMMARY OF RISK FACTORSAn REDACTED in our Shares is subject to a number of risks,including risks relating toour business,risks relati

96、ng to credit,counterparties and investments,risks relating to ourproducts and product distribution channels,risks relating to the insurance industry,risksrelating to legal and regulatory matters,risks relating to our technology,risks relating to ourControlling Shareholders and certain other sharehol

97、ders,and risks relating to theREDACTED.You should carefully consider all of the information in this document,inparticular the section headed“Risk Factors”,before making an REDACTED in the Shares.We believe that some of the most significant risks we face include:(a)our internationaloperations across

98、different geographic markets and political systems;(b)geopolitical andpolitical instability,market fluctuations and general economic conditions globally and in themarkets in which we operate may materially and adversely affect our business;(c)intensecompetition in the segments of the insurance indus

99、try in which we operate in each of ourmarkets could negatively affect our ability to attain or increase profitability;(d)extensiveregulation across multiple jurisdictions;(e)new solvency standards which may affect ourSUMMARY 7 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATI

100、ONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.capital position;(f)our business has evolved through a number of strategic transactions andthe information presented in our financial statements may not be indicative of our futureperformanceandprospects;(g)certa

101、inmetricsandkeyperformanceindicatorsarebasedona number of assumptions and methodologies and may vary as those assumptions ormethodologies change;(h)the risk of not being able to execute and realise synergies from,our strategic initiatives;and(i)the risk of our financial condition and results of oper

102、ationsbeing adversely affected if we are unable to successfully manage our growth.OUR CONTROLLING SHAREHOLDERSImmediately following the completion of the REDACTED(assuming(a)Phase 3 of theReorganisation,theREDACTED,theissueofSharestoDirectorspursuanttosatisfactionofcertain REDACTED Awards and the RE

103、DACTED have become unconditional andcompleted;(b)in accordance with Phase 3 of the Reorganisation,the Management Shares,SeriesPConversionSharesandSeriesA/B-2/B-3ConversionSharesareconvertedtoSharesbased on the REDACTED and the expected REDACTED of REDACTED;and(c)theREDACTED is not exercised;and not

104、taking into account any Shares which may be issuedbetween the Latest Practicable Date and the REDACTED to satisfy any exercise of anyoptiongrantedortobegrantedundertheREDACTEDAwards,orissuedorrepurchasedbyour Company pursuant to the general mandates granted to the Directors to issue orrepurchaseshar

105、es),Mr.LiandMr.LisEntitiestogethercontrolapproximatelyREDACTED%of our enlarged total issued share capital and are entitled to exercise orcontrol the exercise of 30%or more of the voting power at the general meetings of ourCompany and,accordingly,Mr.Li(together with Mr.Lis Entities)will be considered

106、 as theControlling Shareholders of our Company for the purposes of,and as defined under,theListingRulesimmediatelyfollowingthecompletionoftheREDACTED.Forfurtherdetailsofour Controlling Shareholders,please refer to the section headed“Relationship with theControlling Shareholders.”OUR REDACTED INVESTO

107、RSShortly following the acquisition of the life insurance companies in Hong Kong,Macauand Thailand,as well as the general insurance,employee benefits,MPF business andfinancialplanningbusinessesinHongKong,fromINGbyMr.Liin2013,SwissReInvestmentsacquired a 12.34%equity interest in the Group.Thereafter,

108、the Group received severalrounds of REDACTED Investments,including through the subscription of securities issuedbyFLandFGL,aswellasthesubscriptionofSharesinourCompany.ForfurtherdetailsoftheREDACTED Investments,please refer to the section headed“History,Reorganisation andCorporate Structure Major Sha

109、reholding Changes of our Company REDACTEDInvestments.”SUMMARY 8 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDWe have entered into REDACTED with the REDACTED,pursuant to which t

110、heREDACTEDhaveagreedto,subjecttocertainconditions,REDACTEDattheREDACTEDfor such number of REDACTED which may be REDACTED with an aggregate amount ofREDACTEDmillion(approximatelyREDACTED),whichwillformpartoftheREDACTED.See“REDACTED”for further details.DIVIDENDS AND DIVIDEND POLICYOur Company has not

111、declared or made any dividend or other distribution to itsShareholders in the past and it does not have any present plan to declare or pay anydividends on its ordinary shares in the foreseeable future.The Group currently intends toretain most,if not all,of available funds and any future earnings to

112、operate and expand thebusiness.Any other future determination to pay dividends will be made at the discretion ofour Board and subject to our constitutional documents and applicable laws and regulations.See“RiskFactorsRisksRelatingtotheREDACTEDBecausewedonotexpecttopaycashdividends in the foreseeable

113、 future after the REDACTED,you may not receive any return onyour REDACTED unless you sell your Shares for a price greater than that which you paid forthem.”and“Regulatory Overview and Taxation A.Regulatory Overview Laws andRegulations Relating to the Groups Business and Operations in Hong Kong Payme

114、nt ofdividends.”If we decide to pay dividends,the form,frequency and amount may be based ona number of factors,including our future operations and earnings,capital requirements andsurplus,generalfinancialcondition,contractualrestrictionsandotherfactorsthatourBoardmay deem relevant.Our Company may de

115、clare and pay dividends out of our distributable reserves and/orour share premium account pursuant to and subject to the laws of the Cayman Islands andthe Articles of Association.SUMMARY OF HISTORICAL FINANCIAL INFORMATIONThe summary historical data of financial information set forth below has been

116、derivedfrom,and should be read in conjunction with,our consolidated financial statements,together with the accompanying notes set out in the Accountants Report included inAppendix I to this document and the Actuarial Consultants Report included in Appendix IIIto this document,as well as the“Financia

117、l Information”section.Our consolidated financialstatements have been prepared in accordance with IFRS.We have also presented a numberof key performance indicators that we believe are useful in evaluating our performance.See“Financial Performance”and“Key Performance Indicators.”SUMMARY 9 THISDOCUMENT

118、ISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Implementation of IFRS 17 and IFRS 9We adopted International Financial Reporting Standards(“IFRS”)17,InsuranceContracts and IFRS 9,Financial Instrument

119、s,effective 1 January 2023.The 2022 financialinformation in this document has also been presented on an IFRS 17 basis.The IFRS 17 Insurance Contracts standard has replaced the previous IFRS 4 InsuranceContracts standard and has materially changed the recognition and measurement ofinsurance contracts

120、 and the corresponding presentation and disclosures.The IFRS 9Financial Instruments standard has replaced the previous International AccountingStandards(“IAS”)39 Financial Instruments:Recognition and Measurement.The newstandardincludesrequirementsforrecognitionandmeasurement,impairment,derecognition

121、 and general hedge accounting.See“Financial Information Factors Affecting Comparability Implementation ofIFRS 17 and IFRS 9”for details.Revisions and Updates to Methodology and Operating AssumptionsAt the end of 2023,we implemented revisions to our embedded value(“EV”)methodology and operating assum

122、ptions to better reflect our post-pandemic experienceacross markets,as well as market disruption in Vietnam.Additionally,effective 1 January2024,wehavealsomadeupdatestoouractuarialmethodology.Therevisionsandupdatestoour methodology and operating assumptions at the end of 2023 have had an impact once

123、rtain key performance indicators relating to our growth in 2024,namely APE,VNB,andnew business CSM.While revising or updating actuarial methodology and operatingassumptions is a routine aspect of the insurance industry,the revisions and updates at theend of 2023 indicate material differences when ap

124、plied to our actual,as-reported APE,VNBand new business CSM in 2023.Accordingly,in order to facilitate a meaningful comparisonbetween 2023 and 2024,we have presented in this document the comparative figures forAPE,VNB and new business CSM in 2023 on a“like-for-like basis.”See“FinancialInformation Ke

125、y Performance Indicators”for details.SUMMARY 10 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Summary Consolidated Income Statements and Statements of Comprehensive IncomeYear ended 31

126、December202220232024(US$millions)Insurance revenue2,4082,7562,724Insurance service expenses(1,817)(1,989)(2,012)Net expenses from reinsurance contractsheld(146)(88)(42)Insurance service result445679670Interest revenue1,0111,1591,185Other investment gains/(losses)(999)(791)93Net impairment loss on fi

127、nancial assets(29)(9)(16)Investment return(17)3591,262Net finance income/(expenses)frominsurance contracts86(996)(1,051)Net finance income/(expenses)fromreinsurance contracts held(23)131Movement in investment contract liabilities24(1)Net investment result48(632)241Net insurance and investment result

128、49347911Other revenue386436General and other expenses(689)(731)(550)Borrowings and other finance costs(128)(174)(249)Profit/(Loss)before share of profit/(loss)from associates and joint ventures(286)(794)148Share of profit/(loss)from associates andjoint ventures2(20)36Profit/(Loss)before tax(284)(814

129、)184Tax benefit/(expense)(36)97(174)Net profit/(loss)(320)(717)10Attributable to:Equity Holders of the Company(1)(320)(733)24Non-controlling interests16(14)Note:(1)See Note 6 to the Accountants Report included in Appendix I for the definition of Equity Holders of theCompany.SUMMARY 11 THISDOCUMENTIS

130、INDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Summary Consolidated Balance SheetAs of 31 December202220232024(US$millions)ASSETSIntangible assets3,2073,1543,085Insurance contract assets722798683Reins

131、urance contract assets7252,8762,696Cash and cash equivalents1,4742,0081,687Total assets other than financialinvestments8,15911,11910,043Financial Investments:At fair value through other comprehensiveincome debt securities30,81529,02931,408At fair value through profit or lossDebt securities1,8101,970

132、1,750Equity securities381675221Interests in investment funds7,5768,6679,103Derivative financial instruments319218285Loans and deposits1,530996902Total financial investments42,43141,55543,669Total assets50,59052,67453,712LIABILITIESInsurance contract liabilities37,01940,07341,646Reinsurance contract

133、liabilities463304366Investment contract liabilities1975632Financial liabilities(1)2,3502,9473,321Liabilities other than above(2)2,0721,6621,533Total liabilities42,10145,04246,898Total equity8,4897,6326,814Add:Share capital and share premium1,717Less:Non-controlling interests(1,717)Adjusted attributi

134、on of total equity:Equity Holders of the Company8,4887,5826,753Shareholders of the Company7,1346,2346,012Perpetual securities1,3541,348741Adjusted non-controlling interests15061Notes:(1)Includes borrowings and derivative financial instruments.(2)Consists of provisions,deferred tax liabilities,curren

135、t tax liabilities and other liabilities.SUMMARY 12 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Summary Consolidated Statements of Cash FlowsYear ended 31 December202220232024(US$milli

136、ons)Net cash provided by/(used in)operatingactivities(391)629526Net cash used in investing activities(553)(97)(110)Net cash provided by/(used in)financingactivities(190)25(705)Net increase/(decrease)in cash and cashequivalents(1,134)557(289)Cash and cash equivalents at beginning ofthe year2,6541,474

137、2,008Effect of exchange rate changes on cashand cash equivalents(46)(23)(32)Cash and cash equivalents at the end ofyear1,4742,0081,687Financial PerformanceProfit and Loss Performance over the Track Record PeriodIn 2022,we recorded a net loss and a net loss attributable to Equity Holders of theCompan

138、y(non-IFRS measure)of US$320 million.In 2023,we recorded a net loss of US$717million and a net loss attributable to Equity Holders of the Company(non-IFRS measure)ofUS$733 million.The higher net loss in 2023 was mainly due to(i)adverse capital marketmovements,and(ii)investment losses on disposal of

139、financial investments related to theAtheneReinsurancetransactioninJapan,whichaccountedforUS$505millionoflossbeforetax.In 2024,we recorded a net profit of US$10 million,as compared to a net profitattributable to Equity Holders of the Company(non-IFRS measure)of US$24 million,thedifference being prima

140、rily due to the attribution of a portion of FWD Life Malaysias net lossto the non-controlling interests.Our total equity decreased by 10.1%from US$8,489 million as of 31 December 2022 toUS$7,632 million as of 31 December 2023,mainly due to net loss in 2023.Our total equitydecreased by 10.7%from US$7

141、,632 million as of 31 December 2023 to US$6,814 million as of31 December 2024,mainly due to(i)foreign exchange movements from depreciation of theJapanese Yen and other currencies against the US dollar,and(ii)redemption of US$600million of the capital securities issued by FGL on 13 September 2019.SUM

142、MARY 13 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Our operating profit after tax(non-IFRS measure),which enhances the understandingand comparability of the Groups performance and th

143、at of its operating segments on anongoing basis,was positive during the Track Record Period.Our operating profit after tax(non-IFRSmeasure)increasedby28.7%onaCERbasisfrom2022to2023,asweincreasinglybenefited from economies of scale underpinned by strong business growth.Our operatingprofit after tax(n

144、on-IFRS measure)increased by 28.6%on a CER basis from US$378 millionin 2023 to US$463 million in 2024.This was mainly on account of a reduction in operatingexpensesandimprovedclaimsexperience.Thefollowingtablepresentsouroperatingprofitafter tax(non-IFRS measure)for each of our reporting segments for

145、 the periods indicated:Year ended 31 December202220232024(US$millions)Hong Kong(and Macau)109210218Thailand(and Cambodia)127151148Japan196164193Emerging Markets(4)1721Corporate and Others(129)(170)(128)Operating profit after tax(non-IFRSmeasure)299372452Attributable to:Equity Holders of the Company(

146、1)(non-IFRS measure)299378463Non-controlling interests(6)(11)Note:(1)See Note 6 to the Accountants Report included in Appendix I for the definition of Equity Holders ofthe Company.Operating Cash Flows during the Track Record PeriodOuroperatingcashinflowsprimarilyconsistofcashpremiumsandfeeincomerece

147、ivedfor the insurance products we issue,as well as proceeds from the sale of financialinvestments in the ordinary course of our insurance business.Our operating cash outflowsprimarily consist of cash payments of insurance claims,professional service fees,employeesalaries and benefits and commissions

148、,as well as cash outflows for the purchase of financialinvestments in the ordinary course of our insurance business.SUMMARY 14 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.During the T

149、rack Record Period,we recorded significant operating cash inflows(suchas cash premiums and fee income)and used such inflows to,among other operatingactivities,make investments in a wide variety of financial instruments in the ordinary courseof our insurance business.For a non-insurance company,the i

150、nvestment-related cash flowsare typically recorded under cash flows from investing activities.However,for insurers suchas the Group,investments are an integral part of business operations and therefore areincluded as operating cash flows.We have been actively managing down excess liquidity through p

151、urchases of financialinvestments,which may outweigh the cash premiums and fee income received for theinsuranceproductsweissue.DuringtheTrackRecordPeriod,wemadeaconcertedefforttoinvest higher amounts of liquidity as a core part of our investment strategy to increase ouroperating profits.Therefore,whi

152、le our business generated positive cash inflows,thedeployment of those cash inflows to make ordinary course financial investments resulted innet cash used in operating activities of US$391 million in our consolidated statement of cashflows for 2022.In 2023 and 2024,we reported net cash provided by o

153、perating activities ofUS$629 million and US$526 million,respectively.Given that we account for the purchase,maturities and sale of financial investments asoperating activities rather than investing activities,we may report net cash outflows inoperating activities in our consolidated statement of cas

154、h flows for future periods as wecontinue to have net purchases of financial investments in the ordinary course of ourinsurance business to grow our business scale and presence.Limitations of Conventional IFRS Financial DataLife insurance is a long-term business where upfront costs are high while rev

155、enues arebooked over the life of the policy which implies that profits only come later in the cycle.Asconventional IFRS financial data may not provide a holistic view of the underlying financialperformance or prospects of a life insurance company,actuarial data is used as importantcomplementary metr

156、ics in the industry and are presented in this document.Further,the Asian life insurance industry is a high growth industry and,as such,additional metrics are reported to help provide operating and financial performanceindicators to supplement IFRS data and thereby facilitate a better understanding o

157、f long-term profitability potential.Accordingly,in addition to the information contained in theconsolidated financial statements,we have defined and presented in this document variouskey performance indicators that we rely upon to evaluate and monitor the underlyingperformance of the Group and its b

158、usiness and operations,identify trends in our business,and make strategic decisions,including setting key performance indicators for ourexecutives and senior management,and being a basis of our compensation programme.These measures,which are not meant to be predictive of future results,are summarise

159、d inthe table below and are discussed in further detail in“Financial Information KeyPerformance Indicators.”SUMMARY 15 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.A key measure of ope

160、rational performance is APE,which measures the volume of newpolicies issued,and is thereby an indicator of how much new business sales we were able togenerateinanyperiod.VNBisanactuarialperformancemeasurewhichrepresentsthevalueto shareholders arising from the new business issued during the relevant

161、period,reflectingthepresentvalueoffuturenet-of-taxprofitslessthecorrespondingcostofcapital.For2023,we have presented APE and VNB,as well as new business CSM(adjusted for certaintransactions),on a“like-for-like basis”to reflect the impact of certain revisions and updatesto our methodology and operati

162、ng assumptions at the end of 2023,as discussed in furtherdetail in“Financial Information Key Performance Indicators.”We also believe that measures such as operating profit are appropriate measures toevaluate an insurance business rather than traditional financial measures such as net profitandnetope

163、ratingcashflow.Thesearealsoindustrystandardmeasuresthatarewidelyusedby Pan-Asian life insurers in their financial reporting,and are even more important tofacilitate a better understanding of the longer term outlook for our Group.Since non-IFRSmeasures do not have standardised definitions,the non-IFR

164、S measures presented in thisdocument are not identical to similar measures presented by the Group s peers.Key Performance IndicatorsYear ended/as of 31 December2022-20242022-20232023-2024202220232024CAGRYoYYoY(US$millions,except forpercentages)(CER)ProfitabilityOperating profit after tax(non-IFRS me

165、asure)29937846330.9%28.7%28.6%Net profit/(loss)(320)(717)10N/AN/AN/ANet profit/(loss)attributable to EquityHolders of the Company(non-IFRSmeasure)(320)(733)24N/AN/AN/AContractual service margin(CSM)balance5,4005,0465,1741.1%(4.2)%6.1%GrowthNew business contractual servicemargin(New business CSM)1,40

166、91,3491,222(6.4)%(6.3)%(6.7)%New business CSM(like-for-like basis)N/A9601,222N/AN/A30.5%Annualised premium equivalent(APE)1,4081,6461,91618.8%18.3%18.6%APE(like-for-like basis)N/A1,6161,916N/AN/A20.9%Value of new business(VNB)8239918342.6%21.9%(14.0)%VNB(like-for-like basis)N/A749834N/AN/A13.5%Total

167、 Weighted Premium Income(TWPI)(non-IFRS measure)6,2956,4166,6325.4%4.2%6.4%SUMMARY 16 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Year ended/as of 31 December2022-20242022-20232023-20

168、24202220232024CAGRYoYYoY(US$millions,except forpercentages)(CER)Risk and CapitalAdjusted net underlying free surplusgeneration(Adjusted net UFSG)62578683917.4%27.5%9.7%Group LCSM tier 1 cover ratio(MCRbasis)327%336%282%N/AN/AN/AGroup LCSM cover ratio(PCR basis)288%292%260%N/AN/AN/ALeverage ratio(non

169、-IFRS measure)23.6%27.2%25.5%N/AN/AN/AValueGroup embedded value(Group EV)6,0665,6825,569(1.1)%(4.2)%2.8%Comprehensive tangible equity(non-IFRS measure)8,3317,1727,162(4.2)%(11.9)%4.2%Return on tangible equity(non-IFRSmeasure)10.8%10.8%15.4%N/AN/AN/AExcept for operating profit/(loss)after tax(non-IFR

170、S measure),net profit/(loss),net profit attributable toEquity Holders of the Company(non-IFRS measure),CSM balance,TWPI(non-IFRS measure)and comprehensivetangible equity(non-IFRS measure),all other figures in the table above are unaudited.For the definitions and a discussion of our key performance i

171、ndicators during the TrackRecord Period,see“Financial Information Key Performance Indicators”and“FinancialInformation Discussion of Key Performance Indicators.”REDACTEDREDACTED represent professional fees,REDACTED commissions and other feesincurredinconnectionwiththeREDACTED.AssuminganREDACTEDofHK$R

172、EDACTEDperShare(beingthemid-pointoftheREDACTED)andnoexerciseoftheREDACTED,we estimate that we have or will incur REDACTED of approximatelyUS$REDACTED million(equivalent to approximately HK$REDACTED million,accountingfor REDACTED%of our REDACTED from the REDACTED),of which approximatelyUS$REDACTED mi

173、llion(equivalent to approximately HK$REDACTED million)is directlyattributable to REDACTED and is expected to be accounted for as a deduction from equitypremiumdirectlyuponREDACTED,andapproximatelyUS$REDACTEDmillion(equivalent to approximately HK$REDACTED million)has been or is expected to beexpensed

174、.The estimated REDACTED expenses consists of(i)REDACTED-relatedexpenses(including REDACTED fees and commissions)of US$REDACTED million(equivalent to approximately HK$REDACTED),(ii)fees and expenses of legal advisers andaccountants of US$REDACTED million(equivalent to approximately HK$REDACTEDmillion

175、),and(iii)other fees and expenses of US$REDACTED million(equivalent toapproximatelyHK$REDACTEDmillion).TheestimatedREDACTEDexpensescomponents have been subject to rounding adjustments,and therefore do not aggregate toSUMMARY 17 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMAT

176、IONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.the total estimated amount.As of 31 December 2024,we incurred US$REDACTED million(equivalent to approximately HK$REDACTED million)of expenses relating to theREDACTED,ofwhichUS$REDACTEDmillion(equivalenttoapproxi

177、matelyHK$REDACTED million)has been charged to the consolidated income statement of theGroup and US$REDACTED million(equivalent to approximately HK$REDACTED million)is expected to be accounted for as a deduction from equity premium directly uponREDACTED.REDACTEDAssuming an REDACTED of HK$REDACTED per

178、 Share(being the mid-point of thestated range between HK$REDACTED and HK$REDACTED per Share),we estimate thatwe will receive REDACTED of approximately HK$REDACTED million from theREDACTED after deducting the REDACTED commissions and other estimated expensesin connection with the REDACTED(including R

179、EDACTED expenses of US$REDACTEDmillion(equivalent to approximately HK$REDACTED million)which have been charged tothe consolidated income statement of the Group during the Track Record Period),assumingthe REDACTED is not exercised,or approximately HK$REDACTED million if theREDACTED is exercised.In li

180、ne with our strategies,we intend to use our REDACTED from the REDACTED forthe enhancement of our capital position under the GWS regime and for the provision ofgrowth capital for our operating entities,for strengthening our share capital,enhancing oursolvency position and central liquidity,as well as

181、 building a capital buffer in excess ofapplicable statutory requirements.Such amounts,which contribute to our capital adequacyratios,also forms part of the regulatory capital base required to support growth andopportunities to further penetrate customer and channel reach across our operations,includ

182、ing the enhancement of our digital capabilities and strategy,which are in line with ourbusiness strategies as described in“Business Our Growth Strategies.”Enhancement of ourcapital position may also involve reducing our overall indebtedness.Any decision to reduceour indebtedness(including our medium

183、 term notes,subordinated notes,subordinateddated capital securities,perpetual securities or bank borrowings)will be subject to marketconditions,contractual restrictions,our capital requirements and any other factors that ourBoard may deem appropriate at the relevant time.A profile of our indebtednes

184、s is set out in“Financial Information Indebtedness”.To the extent that the REDACTED of the REDACTED are not fully deployed,weintend to apply such REDACTED towards further enhancing our capital buffer in excess ofapplicable statutory requirements in line with the above.We will disclose by way of anan

185、nouncement on the Stock Exchange in the case of any change after REDACTED toREDACTED of the REDACTED as set out above.Please refer to“Future Plans andREDACTED”for details.SUMMARY 18 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HE

186、ADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTEDSUMMARY 19 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.Inthisdocument,unlessthecontextotherwiserequires,thefollowingexpressionsshall

187、have the following meanings.“Accountants Report”the AccountantsReport set out in Appendix I coveringthe audited consolidated financial statements for 2022,2023 and 2024“Actuarial Consultants Report”the Actuarial Consultants Report prepared by Millimanand set out in Appendix III setting out Millimans

188、 reviewof our embedded value as at 31 December 2022,2023and 2024“AFRC”the Accounting and Financial Reporting CouncilREDACTED“AHL”Athene Holding Ltd.“AMCM”theMonetaryAuthorityofMacau,theprimaryregulator of the insurance industry in Macau“Apollo”Apollo Global Management,Inc.“Apollo Principal Holdings”

189、Apollo Principal Holdings C,L.P.“Articles”or“Articles ofAssociation”thearticlesofassociationofourCompany(asamendedfrom time to time),a summary of which is set out in“Appendix IV Summary of the Constitution of ourCompany and Cayman Islands Company Law”REDACTEDDEFINITIONS AND GLOSSARY 20 THISDOCUMENTI

190、SINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“Athene”Athene Life Re Ltd.“Athene Annuity Re”Athene Annuity Re Ltd.“Athene Reinsurancetransaction”the in-force full risk transfer reinsurance a

191、rrangementwithAtheneAnnuityReunderwhichAtheneAnnuityRereinsures an in-force block of whole life insurancepolicies of FWD Japan“Bank BRI”PT Bank Rakyat Indonesia(Persero)Tbk,a publiclylisted bank established and existing under the laws ofIndonesia“Bermuda Insurance Act”the Insurance Act 1978 of Bermu

192、da and relatedregulations,as amended,supplemented or otherwisemodified from time to time“BMA”the Bermuda Monetary Authority“BNM”the Central Bank of Malaysia,Bank Negara Malaysia“Board”or“Board of Directors”the board of directors of our Company“bolttech BusinessCollaboration Agreement”theBusinessColl

193、aborationAgreementdated8 December 2020 entered into among FL,FGL andbolttech Holdings“Bolttech Digital Solutions”Bolttech Digital Solutions Capital Limited,a companyincorporated under the laws of the Cayman Islands,part of the GI Disposal Group“bolttech Group”bolttech Holdings and its subsidiaries“b

194、olttech Holdings”bolttech Holdings Limited,a company incorporatedunder the laws of the Cayman Islands“bolttech Spin-off”thedisposaloftheentireequityinterestinFWDGeneralInsurance,iFWD TW and Bolttech Digital Solutions tobolttech HoldingsDEFINITIONS AND GLOSSARY 21 THISDOCUMENTISINDRAFTFORM,INCOMPLETE

195、ANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“BRI Life”PT Asuransi BRI Life,a company in which we own anequity interest of 44.0%as of the date of this document“BSN”Bank Simpanan Nasional“business day”any day(other than a

196、 Saturday,Sunday or publicholiday)on which banks in Hong Kong are generallyopen for normal banking business“Business Units”ouroperationsacrossHongKong(andMacau),Thailand(and Cambodia),Japan and the EmergingMarkets“CAC”Cyberspace Administration of China“Cayman Companies Act”the Companies Act,Cap.22(L

197、aw 3 of 1961)of theCaymanIslands,asamended,supplementedorotherwise modified from time to timeREDACTED“CEO”chief executive officer“China”or“the PRC”the Peoples Republic of China,but for the purpose ofthis REDACTED document and for geographicalreference only and except where the context requires,refer

198、ences in this REDACTED document to“China”and“the PRC”do not apply to the Hong Kong SpecialAdministrative Region of the Peoples Republic ofChina,the Macau Special Administrative Region of thePeoples Republic of China and TaiwanDEFINITIONS AND GLOSSARY 22 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECT

199、TOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“CIMA”the Cayman Islands Monetary Authority“CK Assets”CK Asset Holdings Limited“CK Assets Group”CK Assets and its subsidiaries“Companies Ordinance”the Companies Ordinance(Chapter 622 of

200、 the Laws ofHongKong),asamendedorsupplementedfromtimetotime“Companies(WUMP)Ordinance”theCompanies(WindingUpandMiscellaneousProvisions)Ordinance(Chapter 32 of the Laws of HongKong),as amended or supplemented from time to time“Company”FWD Group Holdings Limited(富衛集團有限公司),anexempted company incorporate

201、d under the laws of theCayman Islands with limited liability on 18 March 2013“Controlling Shareholder(s)”has the meaning ascribed thereto under the ListingRules and,unless the context otherwise requires,refersto Mr.Li and Mr.Li s EntitiesREDACTED“CPP Investments”Canada Pension Plan Investment Board“

202、CPS”convertible preference shares“Crimson White Investment”Crimson White Investment Pte.Ltd.“Decree 46”Decree No.46/2023/N-CP of Vietnam“DGA Capital(Master)Fund”DGA Capital(Master)Fund I LP“Director(s)”the director(s)of our Company“DPA”the Cayman Islands Data Protection Act(as amended)DEFINITIONS AN

203、D GLOSSARY 23 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Eastwood Asset Holding”Eastwood Asset Holding Ltd“REDACTED”Tier 1 and Tier 2 Agents“REDACTED”a full-time employee of our Com

204、pany or any of itssubsidiaries or branches as of REDACTED,whoremainsasanemployeeasofthedateofthisdocument,whoseprimaryplaceofworkisinHongKong,whoisnoton probation and who is a Hong Kong resident,excluding the directors and chief executive of ourCompany and existing beneficial owners of Shares orthei

205、r respective associates“Emerging Markets”refers to our operations in the Philippines,Indonesia,Singapore,Vietnam and MalaysiaREDACTED“Equity Incentive Plans”the REDACTED Incentive Plans and the REDACTEDIncentive Plan“ES Act”the Cayman Islands International Tax Co-Operation(Economic Substance)Act(as

206、amended)“Extreme Conditions”the occurrence of“extreme conditions”as announcedby any government authority of Hong Kong due toseriousdisruptionofpublictransportservices,extensive flooding,major landslides,large-scale poweroutage or any other adverse conditions before TyphoonSignal No.8 or above is rep

207、laced with Typhoon SignalNo.3 or below“FGL”FWDGroupLimited,anexemptedcompanyincorporated under the laws of the Cayman Islands andregistered as a non-Hong Kong company in Hong Kongunder Part 16 of the Companies Ordinance and asubsidiary of our CompanyDEFINITIONS AND GLOSSARY 24 THISDOCUMENTISINDRAFTF

208、ORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“FL”FWD Limited,an exempted company incorporatedunder the laws of the Cayman Islands and registered asa non-Hong Kong company in Hong Kong under Part 16o

209、f the Companies Ordinance and a subsidiary of ourCompany“FMHCH”FMHCapricornHoldingsSdn.Bhd.,acompanyincorporated under the laws of Malaysia and asubsidiary of our Company“Fornax”Fornax Investment Global Company Limited“FRA”the Cayman Islands Financial Reporting Authority“FRs”the HKIA,the SFC and the

210、 HKMA“Future Financial Investment”Future Financial Investment Company Ltd“FWD Assurance(Vietnam)”FWDAssuranceVietNamCompanyLimited,acompany incorporated under the laws of Vietnam“FWD Cambodia”FWD Life Insurance(Cambodia)Plc.,a companyincorporated under the laws of Cambodia and asubsidiary of our Com

211、pany“FWD Financial Limited”FWD Financial Limited,a company incorporated underthelawsofHongKongandasubsidiaryofourCompany“FWD Financial Planning”FWDFinancialPlanningLimited,acompanyincorporated under the laws of Hong Kong and asubsidiary of our Company“FWD Financial Services”FWDFinancialServicesPte.L

212、td.,companyincorporated under the laws of Singapore and asubsidiary of our Company“FWD General Insurance”FWD General Insurance Company Limited,a companyincorporated under the laws of Hong Kong and part ofthe GI Disposal GroupDEFINITIONS AND GLOSSARY 25 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTT

213、OCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“FWD Group FinancialServices”FWD Group Financial Services Pte.Ltd.,a companyincorporated under the laws of Singapore and asubsidiary of our Company“FWD Group Management”FWDGroupManagemen

214、tHoldingsLimited,acompanyincorporated under the laws of Hong Kong and asubsidiary of our Company“FWD Indonesia”PT FWD Life Indonesia,a company incorporated underthe laws of Indonesia,and a subsidiary of our Company,whichwassubsequentlymergedwithPTFWDInsuranceIndonesia(formerlyknownasPTCommonwealthLi

215、fe),withthesurvivingentitybeingPTFWD Insurance Indonesia“FWD Life Assurance(Hong Kong)”FWD Life Assurance Company(Hong Kong)Limited,acompany incorporated under the laws of Hong Kongand a subsidiary of our Company“FWD Life(Bermuda)”FWD Life Insurance Company(Bermuda)Limited,acompany incorporated unde

216、r the laws of Bermuda andregistered as non-Hong Kong company in Hong Kongunder Part 16 of the Companies Ordinance and asubsidiary of our Company“FWD Life(Hong Kong)”FWDLife(HongKong)Limited,acompanyincorporated under the laws of Hong Kong and asubsidiary of our Company“FWD Life Japan”FWD Life Insura

217、nce Company,Limited(formerly knownas FWD Fuji Life Insurance Company,Limited),acompany incorporated under the laws of Japan and asubsidiary of our Company“FWD Life(Macau)”FWD Life Insurance Company(Macau)Limited,acompany incorporated under the laws of Macau and asubsidiary of our Company“FWD Life Ma

218、laysia”FWD Insurance Berhad(formerly known as GibraltarBSN Life Berhad),a company incorporated under thelaws of Malaysia and a subsidiary of our Company“FWD Management Holdings”FWD Management Holdings Limited,a companyincorporated under the laws of Hong Kong and asubsidiary of our CompanyDEFINITIONS

219、 AND GLOSSARY 26 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“FWD Pension Trust”FWD Pension Trust Limited,a company incorporatedunder the laws of Hong Kong and a subsidiary of ourComp

220、any“FWD Philippines”FWDLifeInsuranceCorporation,acompanyincorporated under the laws of the Philippines and asubsidiary of our Company“FWD Reinsurance”FWD Reinsurance SPC,Ltd.,an exempted companyincorporated under the laws of the Cayman Islands anda subsidiary of our Company“FWD Singapore”FWD Singapo

221、re Pte.Ltd.,a company incorporatedunder the laws of Singapore and a subsidiary of ourCompany“FWD Takaful”FWD Takaful Berhad,a company incorporated underthe laws of Malaysia and a subsidiary of our Company“FWD Thailand”FWDLifeInsurancePublicCompanyLimited ()(,acompanyincorporatedunderthelawsofThailan

222、dandasubsidiary of our Company“FWD Vietnam”FWD Vietnam Life Insurance Company Limited,acompany incorporated under the laws of Vietnam and asubsidiary of our Company“FY”or“financial year”financial year ended or ending 31 December“GBSN Holdings”GibraltarBSNHoldingsSdn.Bhd.,acompanyincorporated under t

223、he laws of Malaysia and asubsidiary of our Company,now renamed FWD BSNHoldings Sdn.Bhd.“GBSN Life”Gibraltar BSN Life Berhad,a company incorporatedunder the laws of Malaysia and a subsidiary of ourCompany,now rebranded as FWD Life Malaysia“GI Disposal Group”certain former subsidiaries of our Companys

224、 generalinsurance business“GIC Blue”GIC Blue Holdings Pte Ltd.DEFINITIONS AND GLOSSARY 27 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“Greater Bay Area”the Guangdong-Hong Kong

225、-Macao Greater Bay AreawhichcomprisesthetwoSpecialAdministrativeRegions of Hong Kong and Macao,and the ninemunicipalitiesofGuangzhou,Shenzhen,Zhuhai,Foshan,Huizhou,Dongguan,Zhongshan,Jiangmenand Zhaoqing in Guangdong Province of China“Group”,“we”,“our”or“us”our Company and its subsidiaries“Group Cap

226、ital Rules”the Insurance(Group Capital)Rules under the GWSframework“Group Office”FWDGroupFinancialServices,FWDGroupManagement and Valdimir“GWS”or“Group-wideSupervision”the group-wide supervision framework introduced bythe HKIA,which came into effect on 29 March 2021“HK$”,“Hong Kong dollar(s)”or“HKD”

227、Hong Kong dollars,the lawful currency of Hong KongREDACTEDDEFINITIONS AND GLOSSARY 28 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“HK Telecom”Hong Kong Telecommunications(HKT)

228、Limited“HKFI”the Hong Kong Federation of Insurers“HKIA”the Insurance Authority of Hong Kong,the primaryregulator of the insurance industry in Hong Kong“HKMA”the Hong Kong Monetary AuthorityREDACTEDDEFINITIONS AND GLOSSARY 29 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATION

229、MUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“HKT”HKT Limited,a company incorporated in the CaymanIslands as an exempted company with limited liabilityand registered as a non-Hong Kong company in HongKong,and having its share stapled units jointly iss

230、uedwiththeHKTTrustlistedontheMainBoardoftheStockExchange(HKEX:6823)“HKT Group”HKT and its direct and indirect subsidiaries“HKT Services”HKTServicesLimited,acompanyincorporatedinHongKong with limited liability,an indirect wholly-ownedsubsidiary of HKT and an indirect non-wholly ownedsubsidiary of PCC

231、W“HKT Trust”a trust constituted on November 7,2011 under the lawsof Hong Kong and managed by HKT ManagementLimited(the trustee-manager of the HKT Trust),andhaving its share stapled units jointly issued with HKTlisted on the Main Board of the Stock Exchange(HKEX:6823)“HKTIA”HKTFinancialServices(IA)Li

232、mited,whichisanindirectwholly-owned subsidiary of HKT and an indirectnon-wholly owned subsidiary of PCCW“Hong Kong”the Hong Kong Special Administrative Region of thePRC“Hong Kong authorisedinsurers”FWD Life(Bermuda),FWD Life(Hong Kong)and FWDLife Assurance(Hong Kong)“REDACTED”the REDACTED Shares ini

233、tially being REDACTED byour Company pursuant to the REDACTED(subject toREDACTEDasdescribedin“StructureoftheREDACTED”)REDACTEDDEFINITIONS AND GLOSSARY 30 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF

234、THIS DOCUMENT.REDACTED“HOPU”HOPU USD Master Fund III,L.P.“HP”Huatai-PineBridge Fund Management Co.,Ltd.“HSBC Amanah Takaful”HSBC Amanah Takaful(Malaysia)Berhad,a companyincorporated under the laws of Malaysia and is asubsidiary of our Company,now rebranded as FWDTakaful.“Huatai Financial”Huatai Fina

235、ncial Holdings(Hong Kong)Limited“Huatai Fund”Huatai Value Investment Fund L.P.“Huatai Securities”Huatai Securities Co.,Ltd.“HVIP”Huatai Value Investment Partners Limited“IAIS”the International Association of Insurance Supervisors,which is the global standard setter for the insuranceindustry“ICB”the

236、Insurance Complaints Bureau in Hong Kong“IDR”Indonesian rupiah,the lawful currency of Indonesia“IFRS”International Financial Reporting Standards“IFSA”the Islamic Financial Services Act 2013 of Malaysia“iFWD TW”iFWDInsuranceBrokerCo.,Ltd.,acompanyincorporated under the laws of Taiwan,and part of theG

237、I Disposal GroupDEFINITIONS AND GLOSSARY 31 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Implementation Agreement”thethirdamendedandrestatedimplementationagreement dated 31 July 2023

238、among our Company,PCGI Holdings,FL,FGL and the securityholders namedtherein“independent third party”any party who is not connected(within the meaning ofthe Hong Kong Listing Rules)with our Company,so farastheDirectorsareawareafterhavingmadereasonable enquiries“Indonesia Insurance Law”Law No.40 of 20

239、14 on Insurance Business of Indonesiaas partially amended by Law No.4 of 2023 on theDevelopmentandStrengtheningoftheFinancialSector“ING”ING Group N.V.“Insurance(Group Capital)Rules”theInsurance(GroupCapital)Rules(Chapter41OoftheLaws of Hong Kong),as amended or supplementedfrom time to time“Insurance

240、 Act”the Insurance Act(as amended)of the Cayman IslandsREDACTEDDEFINITIONS AND GLOSSARY 32 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“IO”the Insurance Ordinance(Chapter 41 o

241、f the Laws ofHongKong),asamendedorsupplementedfromtimetotime“JFSA”the Japan Financial Services AgencyREDACTED“Joint Sponsors”Morgan Stanley Asia Limited and Goldman Sachs(Asia)L.L.C.“JPY”Japanese yen,the lawful currency of JapanDEFINITIONS AND GLOSSARY 33 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJE

242、CTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Latest Practicable Date”12 May 2025,being the latest practicable date for thepurpose of ascertaining certain information containedin this document prior to its publication“Law on Ins

243、urance Business”the Law No.08/2022/QH15 on Insurance Business ofVietnam“LIBOR”London Interbank Offered RateREDACTED“Listing Committee”the listing committee of the Stock ExchangeREDACTED“Listing Rules”the Rules Governing the Listing of Securities on TheStock Exchange of Hong Kong Limited,as amended o

244、rsupplemented from time to time“Macau”the Macau Special Administrative Region of the PRC“Management Shares”managementsharesinthesharecapitalofourCompany with a nominal value of US$0.01 each“MAS”Monetary Authority of SingaporeREDACTED“Memorandum”or“Memorandum ofAssociation”the memorandum of associati

245、on of our Company,asummary of which is set out in“Appendix IV Summaryof the Constitution of our Company and Cayman IslandsCompany Law”DEFINITIONS AND GLOSSARY 34 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE

246、COVER OF THIS DOCUMENT.“Memorandum and Articlesof Association”the memorandum and articles of association of ourCompany(asamendedfromtimetotime),conditionallyadopted on 2025 and which will become effectiveupon the REDACTED,a summary of which is set out in“Appendix IV Summary of the Constitution of ou

247、rCompany and Cayman Islands Company Law”“Milliman”Milliman Limited,an independent actuarial consultantREDACTED“MoneyHero”MoneyHero Limited“MoneyHero Group”MoneyHero and its subsidiaries“MOP”Macanese pataca,the lawful currency of Macau“MPF”mandatory provident fund“MPFA”the Mandatory Provident Fund Sc

248、hemes Authority“MPFSO”the Mandatory Provident Fund Schemes Ordinance(Chapter 485 of the Laws of Hong Kong)“MPIC”Metro Pacific Investments Corporation“Mr.Huynh”Mr.Huynh Thanh Phong“Mr.Li”Mr.Li Tzar Kai,Richard“Mr.Li s Entities”PCGIHoldings,CreativeKnightLimited,SpringAchiever Limited and Spring Achie

249、ver HK“Mr.Wong”Mr.Wong Ka Kit“NMG”N.M.G.Financial Services Consulting Limited,anindependent industry consultant“Nomination Committee”the nomination and corporate governance committeeof the Board“OECD”the Organisation for Economic Co-operation andDevelopmentDEFINITIONS AND GLOSSARY 35 THISDOCUMENTISI

250、NDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“OGS”OneGeorgeStreetLLP,ajointventureinwhichweholda 50.0%interest“OIC”the Office of Insurance Commission of Thailand“OJK Regulation No.23”OJKRegul

251、ationNo.23/2023onLicensingandOrganisationofInsurance,ShariaInsurance,Reinsurance and Sharia Reinsurance Companies“option”a conditional right to subscribe for shares followingvesting pursuant to and in accordance with the termsand conditions of the relevant Equity Incentive Plan anda letter of grant“

252、ORIX”ORIX Corporation“ORIX Asia Capital”ORIX Asia Capital Limited“ORSA”the Own Risk and Solvency Assessment“ORSO”theOccupationalRetirementSchemesOrdinance(Chapter 426 of the Laws of Hong Kong)“Otoritas Jasa Keuangan”or“OJK”the Indonesian Financial Services AuthorityDEFINITIONS AND GLOSSARY 36 THISDO

253、CUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“PCCW”PCCWLimited,acompanyincorporatedunderthelawsof the Hong Kong whose shares are listed on the HKEX(HKEX:0008)“PCCW Group”PCCW and its

254、 direct and indirect subsidiaries“PCCW Services”PCCW Services Limited,a company incorporated inHongKongwithlimitedliabilityandadirectwholly-owned subsidiary of PCCW“PCG”PacificCenturyGroup,anAsia-basedprivateinvestment group ultimately wholly-owned by Mr.Li“PCGI”PCGI Limited“PCGI Holdings”PCGIHoldin

255、gsLimited,anexemptedcompanyincorporated under the laws of the Cayman Islands anddirectly wholly-owned by Mr.Li“PCGI Intermediate”PCGI Intermediate Limited,an exempted companyincorporated under the laws of the Cayman Islands anddirectly wholly-owned by PCGI Holdings and indirectlywholly-owned by Mr.L

256、i“PCGI Intermediate II Holdings”PCGI Intermediate Holdings(II)Limited,an exemptedcompany incorporated under the laws of the CaymanIslands and directly wholly-owned by PCGI Holdingsand indirectly wholly-owned by Mr.LiDEFINITIONS AND GLOSSARY 37 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEAN

257、DTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“PDPA”the Personal Data Protection Act 2012 of Singapore“PDPC”the Personal Data Protection Commission of Singapore“Philippine Insurance Code”Presidential Decree No.1460,as amended by RepublicAct

258、No.10607 of the Philippines“PHP”Philippine peso,the lawful currency of the Philippines“PineBridge”PineBridge Investments,L.P.,an exempted limitedpartnership established in the Cayman Islands and amember of PCG and which has been appointed by theGroup to act as investment manager for the Groupscredit

259、 fixed income and other portfolios of the Group“PineBridge Group”PineBridge and its subsidiaries“REDACTED Incentive Plan”the Employee Share Purchase Plan“REDACTED Awards”the share-based awards granted by the Group beforetheREDACTED,includingundertheShareOptionandRSU Plan and the Share Award Plan“RED

260、ACTED Incentive Plans”the Share Option and RSU Plan and the Share AwardPlan“REDACTED Investments2021/2022”the REDACTED Investments set out in“History,Reorganisation and Corporate Structure REDACTEDInvestments Subscription of Shares of our Company byAthene,SCB,CPP Investments,MPIC,Swiss Re PICA,DGA C

261、apital(Master)Fund,PCGI Holdings,ORIX AsiaCapital and Huatai Growth Focus Limited”“REDACTED Investment(s)”theREDACTEDinvestmentsinourCompanyundertaken by the REDACTED Investors,details ofwhich are set out in“History,Reorganisation andCorporate Structure”“REDACTED Investor(s)”the investors in the RED

262、ACTED InvestmentsDEFINITIONS AND GLOSSARY 38 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Previous Rounds REDACTEDInvestments”RRJFirstREDACTEDInvestment,GICBlueREDACTEDInvestment,HOPU

263、REDACTEDInvestment,PCG First REDACTED Investment,SwissReFirstREDACTEDInvestment,RRJSecondREDACTED Investment,PCG Second REDACTEDInvestment,MrWongsREDACTEDInvestment,SwissRe Second REDACTED Investment and PCG ThirdREDACTED InvestmentREDACTED“Principal Subsidiaries”FL,FGL,FWD Life(Bermuda),FWD Reinsur

264、ance,FWDLife(Hong Kong),FWD Life Assurance(Hong Kong),FWD Life Japan,FWD Thailand,FWD ManagementHoldings,FWD Life(Macau),FWD Takaful,FWDVietnam,FWD Philippines,FWD Singapore,PT FWDAssetManagement,PTFWDInsuranceIndonesia,FWDLife Malaysia and Valdimir“PSU”a RSU which is subject to certain performance-

265、basedand other vesting conditions“PTBC”PT Bank Commonwealth,a company incorporatedunder the laws of Indonesia“PT Commonwealth Life”PTCommonwealthLife,acompanyincorporatedunderthelawsofIndonesia(nowknownasPTFWDInsuranceIndonesia)“QIB”a qualified institutional buyer within the meaning ofRule 144A“Quee

266、nsway Asset Holding”Queensway Asset Holding Ltd.“Registrar of Companies”the Registrar of Companies in the Cayman Islands“Regulation S”Regulation S under the U.S.Securities Act“Relevant Persons”the Controlling Shareholders,the REDACTED,theJointSponsors,theREDACTED,theREDACTED,anyof their or our Compa

267、nys respective directors,officersor representatives or any other person involved in theREDACTEDDEFINITIONS AND GLOSSARY 39 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Reorganisation”

268、the restructuring steps undertaken by our Group as setout in the paragraph headed“History,Reorganisationand Corporate Structure Reorganisation”“RK Consulting”RK Consulting K.K.“RM”Malaysian ringgit,the lawful currency of Malaysia“RRJ”RRJ Capital Master Fund III,L.P.“RSU”a restricted share unit,being

269、 a contingent right toreceive shares under an Equity Incentive Plan subject tocertain time-based and other vesting conditions“Rule 144A”Rule 144A under the U.S.Securities Act“SCB”The Siam Commercial Bank Public Company Limited“SCBX”SCB X Public Company Limited“SCB Life”SCBLifeAssurancePublicCompanyL

270、imited,acompany incorporated under the laws of Thailand,nowamalgamated with FWD Thailand“Security Bank”SecurityBankCorporation,auniversalbankincorporated in the Philippines“Series A/B-2/B-3 ConversionShares”Series A Conversion Shares,Series B-2 ConversionShares and Series B-3 Conversion Shares“Serie

271、s A Conversion Shares”series A conversion shares in the share capital of ourCompany with a nominal value of US$0.01 each“Series A CPS”series A CPS in the share capital of FL and FGL with apar value of US$0.01 each“Series B Warrants”warrants to subscribe for fully paid common shares inFL and FGL in c

272、onnection with the issue of Series B-2CPS,Series B-3 CPS and Series B-4 CPS“Series B-2 Conversion Shares”series B-2 conversion shares in the share capital of ourCompany with a nominal value of US$0.01 eachDEFINITIONS AND GLOSSARY 40 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINF

273、ORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Series B-2 CPS”series B-2 convertible preference shares in the sharecapital of FL and FGL with a par value of US$0.01 each“Series B-3 Conversion Shares”series B-3 conversion shares in the share capital of

274、ourCompany with a nominal value of US$0.01 each“Series B-3 CPS”series B-3 convertible preference shares in the sharecapital of FL and FGL with a par value of US$0.01 each“Series B-4 CPS”series B-4 convertible preference shares in the sharecapital of FL and FGL with a par value of US$0.01 each“Series

275、 P Conversion Shares”series P conversion shares in the share capital of ourCompany with a nominal value of US$0.01 each“SFC”the Securities and Futures Commission of Hong Kong“SFO”the Securities and Futures Ordinance(Chapter 571 ofthe Laws of Hong Kong),as amended or supplementedfrom time to time“SGD

276、”Singapore dollars,the lawful currency of Singapore“Share Split”the share sub-division effected on 20 August 2021whereby each of the then-authorised ordinary shares ofour Company,par value US$1.00 each,was divided into100 Shares,par value US$0.01 each;following suchsharesplit,PCGIHoldingsowned2,162,

277、950,800Sharesin our Company and surrendered for no consideration1,514,065,560 Shares to our Company for cancellation,following which PCGI Holdings owned 648,885,240Shares in our Company(excluding any Shares in ourCompany allotted and issued to PCGI Holdings in theREDACTED Investments 2021/2022)“Shar

278、eholders”holders of Shares“Shares”ordinary shares of the share capital of our Companywith a nominal value of US$0.01 each“Singapore Insurance Act”the Insurance Act 1966 of Singapore“Spring Achiever HK”Spring Achiever(Hong Kong)LimitedDEFINITIONS AND GLOSSARY 41 THISDOCUMENTISINDRAFTFORM,INCOMPLETEAN

279、DSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.REDACTED“Stock Exchange”or“HKEX”The Stock Exchange of Hong Kong Limited“Swiss Re”Swiss Reinsurance Company Ltd,an intermediateparent company of Swiss Re PICA“Swiss Re Group”Swis

280、s Re Ltd and its subsidiaries“Swiss Re Investments”Swiss Re Investments Company Ltd“Swiss Re PICA”Swiss Re Principal Investments Company Asia Pte.Ltd.REDACTED“Takeovers Code”the Hong Kong Code on Takeovers and Mergers“Tax Concessions Act”the Tax Concessions Act(as amended)of the CaymanIslands“THB”Th

281、ai baht,the lawful currency of Thailand“TIA Act”the Tax Information Authority Act(as amended)of theCayman Islands“Tier 1 Agent”a contracted agent of our Company or any of itssubsidiaries or branches as of REDACTED,whoremains as an agent as of the date of this document,whose primary place of work is

282、in Hong Kong,who is aHongKongresidentandwhoholdsthepositionofChiefRegional Director,Regional Director,District Director,AgencyDirector,QualifierofMillionDollarRoundTableor FWD Elite Agent,excluding the directors and chiefexecutive of our Company or any of its subsidiaries orbranches and existing ben

283、eficial owners of Shares or ofsharesofanyofthesubsidiariesofourCompanyortheirrespective associatesDEFINITIONS AND GLOSSARY 42 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“Tier 2 Agent

284、”a contracted agent of our Company or any of itssubsidiaries or branches as of REDACTED,whoremains as an agent as of the date of this document,whose primary place of work is in Hong Kong,who is aHong Kong resident,who is not a Tier 1 Agent and whoholds the position of Agency Manager,Senior BranchMan

285、ager,Branch Manager,Unit Manager or ValidatedAgent,excluding the directors and chief executive ofour Company or any of its subsidiaries or branches andexisting beneficial owners of Shares or of shares of anyof the subsidiaries of our Company or their respectiveassociates“TMB”Thai Military Bank,or TM

286、B Bank Public CompanyLimited(now amalgamated with Thanachart BankPublicCompanyLimitedandknownasTMBThanachart Bank Public Company Limited)“Track Record Period”the three financial years ended 31 December 2022,31 December 2023 and 31 December 2024REDACTED“US$”,“US dollar(s)”or“USD”US dollars,the lawful

287、 currency of the United States ofAmerica“U.S.”or“United States”the United States of America,its territories andpossessions,any state of the United States and theDistrict of Columbia“U.S.Securities Act”the United States Securities Act of 1933,as amended“Valdimir”Valdimir Pte.Ltd.,a company incorporat

288、ed under thelaws of Singapore and a subsidiary of our Company“VCB”Joint Stock Commercial Bank for Foreign Trade ofVietnam“VCLI”Vietcombank-Cardif Life Insurance Limited Company,now rebranded as FWD Assurance(Vietnam)DEFINITIONS AND GLOSSARY 43 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEAN

289、DTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“VHIS”Voluntary Health Insurance Scheme of Hong Kong“VND”Vietnamese dong,the lawful currency of Vietnam“white space”the segment of the Asian life insurance marketrepresenting emerging affluent co

290、nsumers who intendto purchase insurance products but suffer from lowpenetration of insurance services due to purchasebarriersIn this document,unless the context otherwise requires,the terms“associate”,“connectedperson”,“connectedtransaction”,“controllingshareholder”,“subsidiary”and“substantial share

291、holder”shall have the meanings given to such terms in the Listing Rules,unless the context otherwise requires.Certain amounts and percentage figures included in this document have been subjectto rounding adjustments.Accordingly,figures shown as totals in certain tables andstatements may not be an ar

292、ithmetic aggregation of the figures preceding them.Unless otherwise specified,certain amounts denominated in US$have been translatedintoHongKongdollarsatexchangeratesofUS$1.00=HK$7.80,respectively,ineachcaseforillustrative purposes only and such conversions shall not be construed as representationst

293、hat amounts in US dollars were or could have been or could be converted into Hong Kongdollars and/or that amounts in Hong Kong dollars were or could have been or could beconverted into US dollars at such rate or any other exchange rates.Unless otherwise specified,all references to the completion of

294、the REDACTED(andanyshareholdingsinourCompanythereafter)assumethat(a)Phase3oftheReorganisation,the REDACTED,the issue of Shares to Directors pursuant to satisfaction of certainREDACTED Awards and the REDACTED have become unconditional and completed;(b)in accordance with Phase 3 of the Reorganisation,

295、the Management Shares,Series PConversion Shares and Series A/B-2/B-3 Conversion Shares are converted to Shares basedontheREDACTEDandtheexpectedREDACTEDofREDACTED;(c)therelevantnumberof Shares to be issued to Directors and pursuant to the REDACTED in satisfaction of theoutstanding REDACTED Awards is

296、calculated based on the REDACTED,as applicable;and(d)the REDACTED is not exercised;and not taking into account any Shares which maybe issued between the Latest Practicable Date and the REDACTED to satisfy any exerciseof any option granted or to be granted under the REDACTED Awards,or issued orrepurc

297、hased by our Company pursuant to the general mandates granted to the Directors toissue or repurchase shares.For further details in respect of calculations of the number ofShares converted from the Management Shares,Series P Conversion Shares and SeriesA/B-2/B-3ConversionSharesasaresultofPhase3oftheR

298、eorganisation,pleaserefertothesectionheaded“History,ReorganisationandCorporateStructureReorganisationPhase3:Conversion of Management Shares,Series P Conversion Shares,and Series A/B-2/B-3Conversion Shares into Shares”.DEFINITIONS AND GLOSSARY 44 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGE

299、ANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.This glossary contains explanations of certain terms used in this document inconnection with the Group and its business.The terminologies and their meanings may notcorrespond to standard indust

300、ry meanings or usage of those terms.“actual exchange rate”or“AER”actual exchange rates for the relevant periods used forthe purpose of calculation of growth“adjusted net worth”or“ANW”the statutory net asset value,reflecting the excess ofassetsoverpolicyreservesandotherliabilitiesreportedon a local r

301、egulatory basis plus/minus mark-to-marketadjustments for assets that have not been held on amarket value basis minus the value of intangible assets“adjusted net UFSG”NetUFSGexcludingone-offopeningadjustments,non-economic assumption changes and expense variance“AI”artificial intelligence“ALMCO”theGro

302、upsAssetandLiabilityManagementCommittee“annualised premiumequivalent”or“APE”the sum of 10%of single premiums and 100%ofannualised first year premiums for all new policies,before reinsurance ceded.Consistent with customaryindustry practice,a factor of 10%is applied to singlepremiums because such weig

303、hting makes the value of asingle premium sale broadly equivalent to the samedollar amount of first year premiums.APE provides anindicative volume measure of new policies issued in therelevant period.For takaful business,APE refers toannualised contribution equivalent“API”application programming inte

304、rface“bancassurance”the distribution of insurance products through banks orother financial institutions“CAGR”compound annual growth rate“cede”thetransferofallorpartofariskwrittenbyaninsurertoa reinsurerDEFINITIONS AND GLOSSARY 45 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORM

305、ATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“claim”an occurrence that is the basis for submission and/orpayment of a benefit under an insurance policy.Depending on the terms of the insurance policy,a claimmay be covered,limited or excluded from coverage

306、“COLI”corporate-owned life insurance“commission”a fee paid to a distribution partner by an insurancecompany for services rendered in connection with thesale or maintenance of an insurance product“constant exchange rate”or“CER”constant exchange rate used for the calculation ofgrowth and is based on a

307、verage exchange rates ofrelevant periods,other than for balance sheet itemswhere growth as at the end of the current year over theendoftheprioryearisbasedonendofperiodexchangerates“contractual service margin”or“CSM”a component of the carrying amount of the asset orliability for a group of insurance

308、contracts representingthe unearned profit the Group will recognise as itprovidesinsurancecontractservicesundertheinsurance contracts in the Group.For details,pleaserefer to Notes 2.3.1,2.3.2 and 3.2 to the AccountantsReport in Appendix I“conversion rate”the percentage of quoted leads that convert in

309、tosuccessful sales“customer”anyone who owns or receives value from insuranceproducts and services.Customers are categorised aseitherindividualcustomersorgroupschemecustomers.Individual customers include policyholders(who are paying policy owners),the insured under lifeinsurance policies,beneficiarie

310、s of the policies andactive FWD MAX members,while group schemecustomers include corporate policyholders(who arepaying policy owners)and participating members“D2C”direct-to-customer“DIHC”designated holding company of an insurance groupDEFINITIONS AND GLOSSARY 46 THISDOCUMENTISINDRAFTFORM,INCOMPLETEAN

311、DSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“embedded value”or“EV”an actuarial method of measuring the consolidatedvalue of shareholders interests in the existing businessofaninsurancecompany.Representsanestimateoftheecon

312、omic value of its life insurance business based on aparticular set of assumptions as to future experience,excludinganyeconomicvalueattributabletoanyfuturenew business“embedded value equity”or“EV equity”the equity attributable to shareholders on an actuarialbasis,reflecting the Group EV,adjusted to i

313、ncludegoodwill and other intangible assets attributable toshareholders.Itispresentedonanet-of-financingbasis.Financing for this purpose includes debt held by us andcomprises borrowings and perpetual securities“embedded value operatingprofit”or“EV operatingprofit”the change in EV over the relevant pe

314、riod,adjusted formovements relating to acquisitions,partnerships anddiscontinuedbusinesses,economicvariance,economicassumption charge,non-operating variance,capitalmovements,corporate adjustments,financing andforeign exchange movement.It comprises expectedreturns on EV,VNB,operating variance,and the

315、 impactof operating assumption changes.The results havebeen presented before allowing for operating variancesother than claims/persistency/expense and operatingassumption changes“exclusive bancassurancepartnerships”or“exclusivebancassurancearrangements”our exclusive bancassurance partnerships in-mar

316、ketgenerally require bancassurance partners to distributeourproductsoneitheranexclusiveorpreferredbasistotheir customers across networks and jurisdictionsspecifiedundertheircontractsandsubjecttoapplicablelawsandregulations.Exclusivebancassurancearrangementscommonlyincludetermination rights which may

317、 be triggered if specific,pre-defined conditions are met,for example uponmaterial breaches by either party,in the event a partybecomes a competitor,upon a change of control or inthe event of force majeure;in addition,in limited casesexclusivity also applies to us over the partnership term“expense ra

318、tio”operating expenses expressed as a percentage of TWPIfor the relevant periodDEFINITIONS AND GLOSSARY 47 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“financial investments”equity an

319、d fixed income securities plus receivables andderivative financial instruments classified as assets,excluding cash and cash equivalents“first year premiums”premiums received in the first year of a recurringpremium policy“free surplus”excess of adjusted net worth,i.e.adjusted statutory netasset value

320、 attributable to shareholders,over therequired capital“FWD markets”Hong Kong(and Macau),Thailand(and Cambodia),Japan,Philippines,Indonesia,Singapore,Vietnam andMalaysia“GMCR”group minimum capital requirement“GPCR”group prescribed capital requirement“Group embedded value”or“Group EV”the consolidated

321、EV of our Group and is presented on anet-of-financingbasis;financingforthispurposeincludes debt held and comprises borrowings andperpetual securities“GWP”gross written premiums calculated based on applicableguidelines promulgated by the relevant insuranceauthorities“high net worth”or“HNW”individuals

322、whohaveinvestableassetsofUS$1millionormore“ICS”Insurance Capital Standard“IFA”independent financial advisor“IFRS”International Financial Reporting Standards“in-force products”or“in-forcepolicies”customers or products with respect to an insurancepolicy or contract reflected on records,at a certaintim

323、e,that has not expired,matured or otherwise beensurrenderedorterminated,orsuchpoliciesorcontractsthemselvesDEFINITIONS AND GLOSSARY 48 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJECTTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“ins

324、urance contract services”servicesthattheGroupprovidestoapolicyholderofaninsurance contract,including:(i)coverages for aninsured event;(ii)for insurance contracts without directparticipation features,the generation of an investmentreturn for the policy holder,if applicable(investment-return service);

325、and(iii)for the insurance contracts withdirect participation features,the management ofunderlyingitemsonbehalfofthepolicyholder(investment-related services)“insurance revenue”insurance revenue arising from insurance contracts,excluding any investment components.For details,please refer to Note 2.3.1

326、 to the Accountants Report setout in Appendix I“insurance service expenses”insurance service expenses arising from insurancecontracts,excluding any investment components.Fordetails,please refer to Note 2.3.1 to the AccountantsReport set out in Appendix I“insurance service result”comprisesinsurancere

327、venue,insuranceserviceexpenses and net expenses from reinsurance contractsheld“investment component”amount that an insurance contract requires the Groupto repay to a policyholder in all circumstances,regardlessofwhetheraninsuredeventoccurs.Generally,forrelevantcontracts,surrendervaluewouldbe determi

328、ned as an investment component“investment experience”realised gains and losses,impairments and unrealisedgains and losses on investments held at fair valuethrough profit or loss“LCSM”local capital summation method“life insurance market”all business written under a life insurance licence ineach of th

329、e individual markets“lifetime value”policyholder lifetime value is calculated by discountingthe aggregate VNB of all life insurance purchases by apolicyholder over his or her life to todays value“MCR”minimum capital requirementDEFINITIONS AND GLOSSARY 49 THISDOCUMENTISINDRAFTFORM,INCOMPLETEANDSUBJEC

330、TTOCHANGEANDTHATTHEINFORMATIONMUSTBEREADINCONJUNCTION WITH THE SECTION HEADED“WARNING”ON THE COVER OF THIS DOCUMENT.“MCV”mainland Chinese visitors“MDRT”Million Dollar Round Table,a global professional tradeassociationthatrecognisessignificantsalesachievements while working to develop professionaland

331、 ethical sales practices“morbidity”or“morbidity rate”incidence rates and period of disability,varying by suchparameters as age,gender and period since disability,used in pricing and computing liabilities for accidentand health insurance“mortality”or“mortality rate”rate of death,varying by such param

332、eters as age,gender and health,used in pricing and computingliabilities for life and annuity products,which containmortality risks“net premiums”life insurance premiums net of reinsurance premiumsceded to third-party reinsurers“net underlying free surplusgeneration”or“net UFSG”underlyingfreesurplusge

333、neration,allowingforthefreesurplususedtofund newbusiness;itexcludesinvestmentreturnvariancesandotheritemssuchastheimpactofacquisitions,newpartnershipsanddiscontinuedbusinesses,capitalmovementsandimpact of financing“new business contractualservice margin”or“newbusiness CSM”represents a component of the carrying amount of theasset or liability for a group of new insurance contractsissuedduringtherel