FWD Hong Kong jumps twofold in new business APE in 2023

New business case count increased by 24% YoY.

FWD Hong Kong’s new business in annual premium equivalent (APE) leapt twofold year-on-year (YoY) in 2023, which went above the industry average of 97%.

The new business case count increased by 24% YoY. The surge in new business case count compared to pre-pandemic levels in 2019 was 64%, while the industry experienced a 35% decline, it said in a press release.

New business in APE from Mainland Chinese visitors (MCVs) and local customers increased significantly, surpassing industry averages by 694 times and 34% respectively.

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FWD said it has attracted more clientele for health protection and wealth management solutions, capitalising on the increased insurance demand from MCVs following the border reopening.

With continued market expansion and product innovation, FWD said it is confident in its robust business growth potential for 2024, fueled by the increasing number of MCVs and demand for quality insurance products in the local market.