FWD Hong Kong has announced a 53% year-on-year (YoY) increase in its new business annual premium equivalent (APE) for the first three quarters of 2024, according to data released by the Insurance Authority in February 2025.
The insurer also saw a 48% YoY rise in new business first-year premium (FYP), significantly outpacing the industry average growth of 16%. This strong performance helped FWD maintain its position among the top five Pan-Asian insurers by business scale in Hong Kong.
Ken Lau, Managing Director of Greater China and CEO of FWD Hong Kong, attributed the growth to the company’s multi-channel distribution strategy and dual-focus approach, which targets both local and offshore markets, including mainland Chinese visitors. Lau noted that this strategy has contributed to steady business expansion for the insurer.
In the third quarter of 2024, FWD’s new business APE nearly doubled, growing by 97% YoY, well above the industry average of 38%. The company’s bancassurance channel saw the most significant growth, with new business APE rising by 124% YoY, while new business FYP in this channel grew by 51%.
FWD’s brokerage channel also outperformed, with new business APE up 60% YoY, surpassing the industry average of 29%. In this channel, new business FYP surged by 113% YoY.
The insurer’s online and direct sales platforms also showed strong results, with new business APE increasing by 76% YoY during the quarter.
From January to September 2024, new business APE from local customers grew by 62% YoY, exceeding the industry average of 32%. Offshore business, including mainland Chinese visitors, contributed to a 43% increase in new business APE.
FWD’s robust performance highlights the insurer’s continued growth across various sales channels and customer segments.
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