FWD Hong Kong achieves over 30% FYP growth in the first half of 2024 [1], solidifying its position as a top five insurer by business scale in Hong Kong [2]

• Customer-led, digital-first strategy drives growth surpassing the industry average in both local and Greater Bay Area markets
• All sales channels record double-digit growth in the second quarter^3,4 as multi-channel distribution strategy continues to advance the business

HONG KONG SAR – Media OutReach Newswire – 19 September 2024 – FWD Hong Kong (“FWD”) today announced robust new business first year premium (“FYP”) growth of 33% year-on-year (“YoY”) for the first half of 2024, significantly outpacing the industry average of 12%¹ as defined by the Provisional Statistics on Hong Kong Long Term Insurance Business January to June 2024 published by the Insurance Authority. FWD also ranked fourth among non-bank insurers by new business FYP and new business case count in Hong Kong⁵. These half year results demonstrate that FWD’s customer-led and digital-driven strategy continues to drive sustainable, organic growth across the business.

Strong demand from local customers and MCVs drive significant business growth

FWD’s strong new business growth in the first half of the year reflects the continued demand for quality insurance products from both local customers and mainland Chinese visitors (“MCVs”). New business FYP from local customers and offshore customers (including MCVs) grew by 36% and 25% respectively, outperforming the industry average of 19% and 3%. Notably, local customers accounted for half (50%) of the total new business in annual premium equivalent (“APE”) in the first half of the year⁶, showcasing the strength of our dual-focus strategy in growing both local and offshore businesses.

Ken Lau, Managing Director of Greater China and Hong Kong Chief Executive Officer, FWD, said, “FWD’s strong performance in the first half of 2024 demonstrates our effective strategy of centring around the Hong Kong market while seizing 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 added, “All of our sales channels achieved double-digit growth in the second quarter. This highlights the success of our multi-channel distribution strategy, which enables us to reach a wider customer base and provide essential protections through diversified channels. Our customer-led approach continues to guide our efforts in changing the way people feel about insurance, with innovative, high-quality, and diversified insurance products and services. Looking ahead, we remain confident in our ability to capitalise on new opportunities and maintain an industry-leading position.”

Multi-channel distribution strategy continues to deliver strong results, with all sales channels recording double-digit growth in the second quarter

• New business in APE from the tied agency channel surged 54% YoY, far exceeding the industry average decline of 2%³
• New business in APE from the bancassurance channel grew 43% YoY, surpassing the industry average growth of 17%³
• New business in APE from the brokerage channel increased 11% YoY, significantly outperforming the industry average decline of 6%³
• New business in APE of online and direct sales platforms recorded a YoY increase of 44%⁴

FWD continues to be a top five insurer by business scale in Hong Kong², ranking first in new business single premium⁷

FWD achieved exceptional performance in the first half of this year, maintaining its position as a top five insurer in Hong Kong², and securing the top spot for individual life new business single premium sales in Hong Kong⁷. These achievements reflect customers’ recognition of FWD’s quality insurance products and flexible, diverse premium payment options.

The company also received considerable industry recognition in 2024 for its market leadership and product quality. FWD recently won a record 23 awards at the Bloomberg Businessweek/Chinese Edition “Financial Institutions 2024”, including the “Insurance Company of the Year” Outstanding Award, making it the most awarded insurer for the seventh straight year. Furthermore, FWD has been awarded the “Health Insurer of the Year” at the “5-Star Insurance Award 2024” by insurance ratings and comparison platform 10Life, making it the only insurer in Hong Kong to receive this accolade for two consecutive years. On the product front, six of FWD’s products, including Voluntary Health Insurance Scheme plans and critical illness insurance, have received 18 five-star ratings, the most five-star ratings among insurers in Hong Kong^8,9.

1. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 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 June in 2024, Insurance Authority of Hong Kong, FWD ranks top five in new business first year premium and new business case count. The calculation combines individual and group businesses. Non-bank insurers only.
3. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 2024, Insurance Authority of Hong Kong. The calculation includes individual business only.
4. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 2024, Insurance Authority of Hong Kong. The calculation includes long-term life individual business, general insurance among multi-channel life insurers only and is FWD’s own assessment based on its understanding on market information only. FWD does not take any responsibility for any errors or omissions.
5. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 2024, Insurance Authority of Hong Kong. The calculation combines individual and group businesses. Non-bank insurers only.
6. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 2024, Insurance Authority of Hong Kong.
7. Provisional Statistics on Hong Kong Long Term Insurance Business – January to June 2024, Insurance Authority of Hong Kong. Individual businesses only. Non-bank insurers only.
8. 10Life calculates the expected average coverage rate and provides ratings based on publicly available information from insurance companies. For details, please refer to the 10Life website. The information provided is a statement made by FWD based on its understanding of the information on the 10Life website, and FWD does not assume any responsibility for errors or omissions. The data is as of January 15, 2024.
9. Products that received a five-star rating include vBooster Medical Plan, vPrime Signature Medical Plan, and vTheOne Medical Plan (Premium and Standard Plus), Crisis OneMaster Series and Crisis USupporter / Crisis USupporter Pro. vBooster Medical Plan (Certification Number: F00069), vPrime Medical Plan (Certification Number: F00045), vPrime Signature Medical Plan (Certification Number: F00070), vTheOne Medical Plan (Premium and Standard Plus) (Certification Number: F00067), are Voluntary Health Insurance Scheme Flexi plans underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) (VHIS provider registration number: 00036). The above information is intended to be distributed in the Hong Kong Special Administrative Region only and shall not be construed as an offer to sell, a solicitation to buy or the provision of any insurance products of FWD outside the Hong Kong Special Administrative Region.
Hashtag: #FWD

The issuer is solely responsible for the content of this announcement.

About FWD Hong Kong

FWD Hong Kong is part of the FWD Group, a pan-Asian life and health insurance business with more than 12 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top five insurer in Hong Kong*.

FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning.

The company was established in 2013 and is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

For more information about FWD Hong Kong please visit www.fwd.com.hk.

*According to Provisional Statistics on Hong Kong Long Term Insurance Business – January to December in 2023, Insurance Authority of Hong Kong, 《Pi Financial Services Intelligence report》- December 2022 and December 2023, as well as FWD’s own assessment based on its understanding on the statistics and market information, FWD ranks top five in new business case count, net growth of life insurance intermediaries’ headcount, tied agency channel new business FYP, brokerage channel new business FYP, bancassurance channel new business FYP, as well as online and direct platform new business case count.