FWD Hong Kong sees first year premiums surge 33% in H1 2024

This was higher than the industry average of 12%.

FWD Hong Kong reported a 33% year-on-year (YoY) growth in new business first-year premium (FYP) for the first half of 2024, well above the industry average of 12%, according to the Insurance Authority's Provisional Statistics on Hong Kong Long Term Insurance Business. 

FWD said it ranked fourth amongst non-bank insurers by new business FYP and case count in Hong Kong. The company's customer-led, digital-driven strategy continues to support its organic growth.

FWD's growth was driven by strong demand from local customers and mainland Chinese visitors (MCVs). 

New business FYP from local customers increased by 36%, and offshore customers, including MCVs, saw a 25% rise. Both figures outpaced the industry averages of 19% and 3%, respectively. 

Local customers accounted for 50% of the total new business annual premium equivalent (APE) in the first half of the year.

Tied agency channel APE surged 54%, bancassurance channel grew 43%, and the brokerage channel rose 11%, all outperforming the industry. Online and direct sales platforms also recorded a 44% YoY increase in new business APE.