The role of a power transformer is to convert the electrical power level and send it to the consumer, making it an essential component of a power system. In addition, transformer asset management is essential for monitoring the functioning of transformers in the system to prevent failure and anticipating the health state of transformers, using a technique known as the health index (HI). However, the calculation and computation to determine the transformer HI based on a scoring and ranking technique is complex and required expert validation. Therefore, this paper presents a transformer HI prediction using a feedforward neural network (FFNN) to improve the existing complex scoring and ranking technique. Levenberg–Marquardt (LM), Bayesian Regularized (BR), and Scaled Conjugate Gradient (SCG) are the FFNN training techniques presented in this study to forecast the transformer HI. To validate the techniques, the HI values generated by different FFNN techniques were compared to the scoring and ranking system. Then, the performance of the proposed ANN was evaluated using the correlation coefficient and mean square error (MSE). As a result, the transformer HI was successfully predicted by employing three FFNN techniques, namely the LM, BR, and SCG techniques, which were able to determine whether the transformer's condition is very good, good, fair, or poor. In conclusion, the ANN suggested in this study has also been validated with the ranking and scoring approach, which provides high similarity score in comparison to the transformer health index.