FWD Hong Kong has reported a 33% increase in first-year premiums (FYP) for the first half of 2024, significantly surpassing the industry’s average growth rate of 12%, according to provisional figures from the Hong Kong Insurance Authority (IA).
The company’s growth was driven by increased demand from local customers and mainland Chinese visitors (MCVs).
Local customer FYP saw a 36% rise, while MCVs contributed to a 25% increase, both of which exceeded industry averages. Local customers accounted for 50% of FWD Hong Kong’s new business in annual premium equivalent (APE), reflecting the effectiveness of its strategy in balancing local and offshore market growth.
Ken Lau, managing director of Greater China and CEO of FWD Hong Kong, said the results align with the company’s strategic focus on both the Hong Kong market and opportunities in the Greater Bay Area.
“We have witnessed significant growth across both our onshore and offshore markets, including MCVs, demonstrating increasing customer trust and recognition. This success lays a solid foundation for our future growth,” he said.
The insurer’s multi-channel distribution model played a key role in its performance, with all sales channels recording double-digit growth in the second quarter of 2024.
Tied agency business saw a 54% increase in APE, while bancassurance recorded a 43% rise, and the brokerage channel saw an 11% growth, all outperforming industry averages. Additionally, FWD Hong Kong’s digital and direct sales channels saw a 44% year-on-year increase.
This performance comes as FWD Group celebrates its 11th anniversary.
To mark FWD Group’s 11th year in operation, the company introduced 11 community grants across its Asian markets, reflecting its continued focus on corporate social responsibility.
These grants are intended to support initiatives in financial literacy, career development, and healthcare. They cover several regions, including Cambodia, Hong Kong, Indonesia, and Vietnam, aligning with FWD Group’s long-term environmental, social, and governance (ESG) strategy.
The 11 grants fund various initiatives, including financial education programs in Cambodia, mental health support for students in Hong Kong, and female entrepreneurship development in Indonesia. These efforts are part of FWD Group’s broader ESG commitments as it continues to expand its presence across Asia.
