FWD Hong Kong saw robust growth in Q3 new business case count, Demonstrating FWD’s effective business strategy centred around Hong Kong while seizing opportunities from the Greater Bay Area
Q3 new business case count jumped 25% year-on-year ("YoY")1
New business sales from Mainland Chinese visitors ("MCVs") of the first three quarters 2023 increased by 83 times2
Committed to innovation and fully supporting the physical health and mental well-being of different segments of the Hong Kong population
HONG KONG SAR -
Media OutReach Newswire - 20 December 2023 - FWD Hong Kong ("FWD") announces that FWD ranked fourth in new business case count for the third quarter of 2023, marking a 25% YoY increase and surpassing the industry average growth of 15%1 , according to the Provisional Statistics on Hong Kong Long Term Insurance Business January to September 2023 published by the Insurance Authority.
Centred around the local market while proactively capture the demands from MCVs
With the return of MCVs to Hong Kong and Macau, FWD is proactively seizing the opportunities by diversifying its offerings and introducing innovative products to cater to the demands of MCVs for diversified protection options. The new business sales from MCVs for the first three quarters this year increased by 83 times, outperforming the industry average of 69 times2 with a steady increase in market share. FWD's medical products accounting for nearly one-fourth (24%) of the market share in terms of new business case count2.
Centred around Hong Kong, FWD has a prime focus on expanding its business presence in the local insurance market. Both healthcare and savings products are highly favoured and trusted by Hong Kong customers. The new business sales from local customers for the first three quarters in 2023 increased by 18% YoY, surpassing the industry average growth of 13%2.
Ken Lau, Managing Director of Greater China and Hong Kong Chief Executive Officer, FWD, said, "As the year comes to a close, the growth of FWD Hong Kong's new business case count continues to outperform the industry average. This success serves as evidence for the company's effective business strategy, which centre around the Hong Kong market while seizing opportunities in the Greater Bay Area (GBA). Our performance of all sales channels in the third quarter in 2023 also proved the effectiveness of our customer-centred, technology-driven multi-channel distribution strategy."
He added, "As a top-tier insurance company, FWD has recently launched a series of new products, including the innovative 'Crisis OneMaster' series3, catering to the holistic well-being of the 'Gen Sando'. Additionally, FWD offers the flexible solution 'Life Gala Insurance Plan'3 for customers planning for retirement. With a diverse range of insurance products, FWD aims to address the protection gaps and continue to support the needs of different segments in Hong Kong. As Christmas and New Year approach, we look forward to capturing the opportunities during the travel season in the two consecutive quarters. We aim to meet the increasing demand for protection from MCVs and further strengthen our presence in the Hong Kong market. We will continue changing the way people feel about insurance, and we have confidence to expand our market share and embark on new chapters."
Multi-channel distribution strategy yields impressive results Expanding the tied agency force through talent acquisition
FWD continues to attract insurance talents, with its tied agency force rank first4 by net growth in headcounts in Hong Kong during the third quarter, representing 10% increase YoY. It demonstrates that FWD continues to bring momentum to the local insurance industry as well as the financial market. In contrast, the industry is generally facing reductions on this front, with an average decrease of 4%4.
FWD's other distribution channels achieved exceptional performance in the third quarter:
The new business sales through brokerage channel grew by 612% YoY, surpassing the industry average growth of 357%5.
Bancassurance channel saw 97% YoY growth in first year premium for new business, higher than the industry average growth of 9%, ranking leaped to top 1 in Hong Kong6.
FWD focuses on developing multi-channel distribution strategy. In addition to expanding its brokerage and bancassurance channels, FWD's online and direct sales platform is playing a vital role. Digital operations enable precise analysis of customer needs, allowing targeted provision of appropriate products. FWD Hong Kong recently swept all the digital-related categories at the "Hong Kong Insurance Awards 2023," receiving industry recognition for its innovative and excellent products and services.
FWD remains committed to serving community through supporting multiple charity organisations to promote social inclusion and advocate physical health and mental well-being. FWD hopes to make positive impact to community and enable the public to live life to the fullest.
1 Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2023, Insurance Authority of Hong Kong. The calculation combines individual and group businesses.
2 Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2023, Insurance Authority of Hong Kong. New business sales refers to annual premium equivalent.
3 The above products are underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The above product information does not contain the full terms and conditions. For details of benefits, full terms and conditions, key product risk and other details of the relevant insurance plan, please refer to FWD website, relevant product brochure and policy documents.
4 Pi Financial Services Intelligence report - September 2022 and September 2023. Non-bank insurers only.
5 Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2023, Insurance Authority of Hong Kong. The calculation includes individual business only. New business sales refers to annual premium equivalent.
6 Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2023, Insurance Authority of Hong Kong. The calculation includes individual business and non-bank insurers only.
About FWD Hong Kong
FWD Hong Kong is part of the FWD Group, a fast-growing pan-Asian life insurer with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top 3 life insurer by new business first year premium 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.
FWD reached its 10-year anniversary in 2023. The company 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.
* Source: Provisional Statistics on Hong Kong Long Term Insurance Business - January to December 2022, Insurance Authority of Hong Kong. The calculation combines individual and group businesses, and non-bank insurers.