The Asia-Pacific insurance sector has seen positive financial results and leadership changes from February 17 to 21, 2025, signaling growth and strategic shifts across the industry.
FWD Hong Kong reported a 53% year-on-year (YoY) increase in new business annual premium equivalent (APE) for the first three quarters of 2024, according to data published by the Insurance Authority in February 2025.
Zurich’s Asia Pacific operations also saw impressive results, with its property and casualty (P&C) gross written premiums (GWP) rising 12% YoY to $3.96 billion in fiscal year 2024 (FY 2024).
Similarly, Manulife’s net income attributable to shareholders for FY 2024 increased by 5% YoY to $5.4 billion. The company’s Asia segment showed significant growth, rising 71% YoY to $1.7 billion.
Sompo Holdings, based in Japan, reported a 17.7% YoY increase in net income for the nine months ending December 2024, reaching $2.53 billion (¥383.4 billion). Additionally, Sompo announced a restructuring of its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C) and Sompo Wellbeing. Starting April 1, Sompo P&C will combine Sompo International Holdings Ltd’s insurance and reinsurance business with its Japan commercial and consumer P&C operations.
On the leadership front, FWD Group Holdings appointed Andrew Weir, Dominic Leung Ka Kui, and Laura Deal-Lacey to its board of directors. The company also announced the retirement of Richard Sun Po Yuen from the board.
In other leadership changes, Aon appointed Jennifer Richards as CEO of Asia Pacific, effective March 1. She succeeds Anne Corona, who has been named CEO of enterprise clients and global chief commercial officer.
Related topics
