FWD Hong Kong outperforming industry average with about 50% APE and FYP growth in the first three quarters of 2024¹ Firmly positioned as a top five Pan-Asian insurer by business scale in Hong Kong²

FWD Hong Kong (“FWD”) today announced robust growth in the first three quarters of 2024, according to the Provisional Statistics on Hong Kong Long Term Insurance Business January to September 2024 published by the Insurance Authority. New business annual premium equivalent (“APE”) achieved strong 53% year-on-year (“YoY”) growth, exceeding the industry average of 29%, while new business first year premium (“FYP”) also increased by 48% YoY, outpacing the industry average of 16%¹. FWD maintained its position as a top five Pan-Asian insurer by business scale in Hong Kong² with outstanding results, demonstrating the company’s strength.

Maintaining a leading position in the industry

Ken Lau, Managing Director of Greater China and Hong Kong Chief Executive Officer, FWD, said, “FWD Hong Kong achieved robust performance in the third quarter of 2024 with key business indicators showing promising growth. Notably, all sales channels have recorded double-digit or higher growth for two consecutive quarters. 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. Looking ahead, we will continue actively seizing opportunities and changing the way people feel about insurance by providing innovative products and quality services.”

Multi-channel distribution strategy drives remarkable growth across channels

In the third quarter of 2024, all FWD’s sales channels once again achieved significant double-digit or higher growth:

• Tied agency channel: New business APE surged 97% YoY, far exceeding the industry average of 38%³.
• Bancassurance channel: New business APE rose by 124% YoY, significantly outpacing the industry average of 12%; new business FYP increased by 51% YoY, exceeding the industry average of 19%³.
• Brokerage channel: New business APE grew by 60% YoY, outperforming the industry average of 29%; new business FYP surged by 113% YoY, significantly exceeding the industry average of 10%³.
• Online and direct sales platforms: New business APE increased by 76% YoY³.

Hong Kong and offshore market businesses accelerate in tandem, significantly outpacing the industry with recognition from Hong Kong residents and MCVs

In the first three quarters of 2024, new business APE from local customers grew by 62% YoY, exceeding the industry average of 34%⁴. New business APE from offshore customers, including mainland Chinese visitors (“MCVs”), increased by 43%, surpassing the industry average of 22%⁴.

In addition, FWD’s individual life new business single premium sales once again ranked first in Hong Kong, with a 46% YoY increase in the first three quarters of 2024, significantly outperforming the industry average decline of 1%⁵. This demonstrates the strong appeal of FWD’s product quality and flexible payment options.

_{1. Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2024, Insurance Authority of Hong Kong. The calculation combines individual and group businesses.}

_{2. According to Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2024, Insurance Authority of Hong Kong, as well as FWD's own assessment based on market information, FWD ranks among the top five in both new business FYP ranking and new business case count. Calculated based on individual and group businesses. Pan-Asian insurers refer to multinational insurers currently having a well-established operation in the Asian market with multiple distribution channels.}

_{3. Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2024, Insurance Authority of Hong Kong. Calculated based on individual business only.}

_{4. Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2024, Insurance Authority of Hong Kong.}

_{5. Provisional Statistics on Hong Kong Long Term Insurance Business - January to September 2024, Insurance Authority of Hong Kong. Calculated based on individual business and non-bank insurers only.}