This week in insurance: Sompo splits business, Aon’s new APAC CEO, and growth across financials

FWD also announced the retirement of Richard Sun Po Yuen from the board.

Asia-Pacific’s insurance sector from 17 to 21 February witnessed promising financials from insurers, whilst leadership shuffles were also unveiled to boost operations.

FWD Hong Kong saw its new business annual premium equivalent (APE) grow 53% year-on-year (YoY) in the first three quarters of 2024, according to data from the Insurance Authority published in February 2025.

Also, Zurich’s Asia Pacific operations saw its property & casualty (P&C) gross written premiums (GWP) climbing 12% YoY to $3.96b during the fiscal year 2024 (FY 2024).

Similarly, Manulife’s FY 2024 net income attributable to shareholders increased by 5% YoY to $5.4b, whilst its Asia segment also surged 71% YoY to $1.7b.

Japan-headquartered Sompo Holdings’ nine months to December 2024 (9M 2024) net income grew 17.7% YoY to $2.53b (¥383.4b).

Additionally, Sompo Holdings transferred its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C), and Sompo Wellbeing. Beginning 1 April, Sompo P&C will integrate Sompo International Holdings Ltd’s insurance and reinsurance business together with its Japan commercial and consumer P&C operations.

On the appointments side, 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. 

Aon announced the appointment of Jennifer Richards as CEO of Asia Pacific, starting 1 March. Richards succeeds Anne Corona, who has been named CEO of enterprise clients and global chief commercial officer.