FWD Hong Kong’s new business APE up 53% in 9M 2024

All of its sales channels saw double-digit growth.

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.

New business first year premium (FYP) rose 48% YoY during the same period, outpacing the industry average of 16%.

With this, FWD said that it has maintained its position as a top five Pan-Asian insurer by business scale in Hong Kong.

All sales channels of the insurer recorded double-digit or higher growth for two consecutive quarters, said Ken Lau, managing director of Greater China and CEO of Hong Kong for FWD.

“Our multi-channel distribution strategy, coupled with our dual-focus approach in growing both local and offshore businesses including mainland Chinese visitors, has driven steady business expansion,” Lau said.

In Q3 2024, all FWD's sales channels once again achieved significant double-digit or higher growth.

New business APE nearly doubled in Q3, rising 97% YoY and exceeding the industry average of 38%.

Its bancassurance channel’s new business APE rose by 124% YoY in Q3. New business FYP in this channel rose 51% YoY.

FWD’s brokerage channel recorded a New business APE growth of 60% YoY, outperforming the industry average of 29%.New business FYP surged by 113% YoY for this channel.

For its online and direct sales platforms, new business APE rose by 76% YoY during the quarter.

Hong Kong APE rise
From Q1 to Q3 2024, new business APE from local customers grew by 62% YoY, higher than the industry average of 32%.

New business APE from offshore customers—including mainland Chinese visitors (MCVs)— logged a 43% growth.