FWD Hong Kong recorded substantial business growth in the first three quarters of 2024, according to provisional figures from the Hong Kong Insurance Authority.
The insurer’s new business annual premium equivalent (APE) grew by 53% year-on-year (YoY), outpacing the industry average of 29%. First-year premium (FYP) also rose by 48% YoY, compared to the industry’s 16% growth rate.
For the first half of 2024, FWD Hong Kong had already reported a 33% YoY increase in FYP, significantly higher than the industry’s 12% growth. This upward trajectory continued into the third quarter, driven by strong performance across its distribution channels and demand from both local and offshore customers.
The company remained among the five largest Pan-Asian insurers in Hong Kong, maintaining its position in a competitive market.
FWD Hong Kong’s distribution network played a key role in sustaining its business momentum in the first three quarters of 2024, with all sales channels achieving double-digit or higher growth for two consecutive quarters.
Ken Lau, managing director of Greater China and chief executive officer of FWD Hong Kong, attributed the company’s growth to its balanced focus on both local and offshore markets.
“Our multi-channel distribution strategy, coupled with our dual-focus approach in growing both local and offshore businesses including mainland Chinese visitors, has driven steady business expansion,” he said.
FWD Hong Kong, which recently secured a long-term bancassurance deal with Bank SinoPac, saw growth in both its domestic and offshore customer base. APE from Hong Kong residents rose by 62% YoY, surpassing the industry’s 34% increase. Offshore business, including purchases by mainland Chinese visitors (MCVs), grew by 43%, exceeding the industry’s 22% gain.
Additionally, the insurer led Hong Kong’s market in individual life new business single premium sales, recording a 46% YoY increase in the first three quarters of 2024. This contrasted with an industry-wide 1% decline in the same category.
