Mainland visitors drive FWD Hong Kong’s new business sales and count in H1 2023

Its new business sales count also climbed 34%.

In the January to June period, FWD Hong Kong saw its new business sales to Mainland China visitors surged by 88 times compared to the previous year, slightly exceeding the industry's average growth of 82 times.

FWD's new business sales from Mainland China visitors also rebounded to over 90% of pre-pandemic levels, surpassing the industry average of 86%.

FWD Hong Kong achieved significant growth in the first half of 2023, ranking fourth in new business case count, a 34% increase year-on-year (YoY), as per the Provisional Statistics on Hong Kong Long Term Insurance Business for January to June 2023 published by the Insurance Authority. 

This growth outpaced the industry average increase of 17% YoY. 

Compared to the first half of 2019 before the pandemic, new business case count surged by 61% YoY, and FWD's market share steadily increased. 

ALSO READ: FWD Singapore enters HNW insurance market

Furthermore, FWD's first-year premium in H1 2023 grew by an impressive 81% YoY compared to the same period in 2019, ranking third in Hong Kong for growth.

FWD's multi-channel distribution network positioned it well to meet the rising demand for protection products from both Hong Kong residents and Mainland China visitors following the resumption of cross-border travel earlier in 2023. 

Its online and direct sales platform remained the industry leader, ranking first in new business case count in Hong Kong.

Additionally, FWD’s tied agency force continued to excel, ranking first in net growth in life insurance intermediary headcount in Hong Kong.