Maintaining
a
leading
position
in
the
industry
Ken
Lau,
Managing
Director
of
Greater
China
and
Hong
Kong
Chief
Executive
Officer,
FWD,
said,
“FWD
Hong
Kong
achieved
robust
performance
in
the
third
quarter
of
2024
with
key
business
indicators
showing
promising
growth.
Notably,
all
sales
channels
have
recorded
double-digit
or
higher
growth
for
two
consecutive
quarters.
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.
Looking
ahead,
we
will
continue
actively
seizing
opportunities
and
changing
the
way
people
feel
about
insurance
by
providing
innovative
products
and
quality
services.”
Multi-channel distribution strategy drives remarkable growth across channels
In the third quarter of 2024, all FWD’s sales channels once again achieved significant double-digit or higher growth:
- Tied agency channel: New business APE surged 97% YoY, far exceeding the industry average of 38%3.
- Bancassurance channel: New business APE rose by 124% YoY, significantly outpacing the industry average of 12%; new business FYP increased by 51% YoY, exceeding the industry average of 19%3.
- Brokerage channel: New business APE grew by 60% YoY, outperforming the industry average of 29%; new business FYP surged by 113% YoY, significantly exceeding the industry average of 10%3.
- Online and direct sales platforms: New business APE increased by 76% YoY3.
Hong Kong and offshore market businesses accelerate in tandem, significantly outpacing the industry with recognition from Hong Kong residents and MCVs
In the first three quarters of 2024, new business APE from local customers grew by 62% YoY, exceeding the industry average of 34%4. New business APE from offshore customers, including mainland Chinese visitors (“MCVs”), increased by 43%, surpassing the industry average of 22%4.
In addition, FWD’s individual life new business single premium sales once again ranked first in Hong Kong, with a 46% YoY increase in the first three quarters of 2024, significantly outperforming the industry average decline of 1%5. This demonstrates the strong appeal of FWD’s product quality and flexible payment options.
1.
Provisional
Statistics
on
Hong
Kong
Long
Term
Insurance
Business
–
January
to
September
2024,
Insurance
Authority
of
Hong
Kong.
The
calculation
combines
individual
and
group
businesses.
2.
According
to
Provisional
Statistics
on
Hong
Kong
Long
Term
Insurance
Business
–
January
to
September
2024,
Insurance
Authority
of
Hong
Kong,
as
well
as
FWD’s
own
assessment
based
on
market
information
FWD
ranks
among
the
top
five
in
both
new
business
FYP
ranking
and
new
business
case
count.
Calculated
based
on
individual
and
group
businesses.
Pan-Asian
insurers
refer
to
multinational
insurers
currently
having
a
well-established
operation
in
the
Asian
market
with
multiple
distribution
channels.
3.
Provisional
Statistics
on
Hong
Kong
Long
Term
Insurance
Business
–
January
to
September
2024,
Insurance
Authority
of
Hong
Kong.
Calculated
based
on
individual
business
only.
4.
Provisional
Statistics
on
Hong
Kong
Long
Term
Insurance
Business
–
January
to
September
2024,
Insurance
Authority
of
Hong
Kong.
5.
Provisional
Statistics
on
Hong
Kong
Long
Term
Insurance
Business
–
January
to
September
2024,
Insurance
Authority
of
Hong
Kong.
Calculated
based
on
individual
business
and
non-bank
insurers
only.
Click the link to download relevant images: https://shorturl.at/9TSdu
Hashtag: #FWD
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