Zurich Insurance Hong Kong bags double APE growth

The company’s customer net promoter score rose 15% YoY.

Zurich Insurance Hong Kong reported a strong performance in its life insurance business, with annual premium equivalent (APE) doubling year-on-year (YoY).

The company maintained its leading position in the investment-linked assurance scheme (ILAS) market, increasing its share in the independent financial adviser (IFA) distribution channel to 45% YoY in the first three quarters of 2024, up from 35% YoY in the same period last year. 

Sales of the "Swiss Fortune Universal Life Plan" surged 20x YoY, driving growth in the savings insurance segment.

Acting Chief Executive Officer of Life Insurance Peter Yuan attributed the growth to Zurich’s diversification of products and sales channels. He noted that the company’s customer net promoter score rose 15% YoY, with strong sales from visitors to Hong Kong. 

Zurich has expanded its offshore business to meet rising investment demand from Mainland China. 

APE from visitors to Hong Kong now accounts for nearly 30% of Zurich’s life business, with this segment growing 17x YoY. 

The company has also grown its broker network by 70%, doubling APE generated through brokers, whilst online sales tripled year-on-year.

Looking ahead, Zurich plans to introduce indexed universal life (IUL) products once regulatory guidelines are finalised.