Prudential Hong Kong’s Strong Performance in 2024
Prudential Hong Kong Limited (PHKL), part of Prudential plc, reported sustained growth in new business throughout 2024, establishing itself as one of Hong Kong’s leading life insurers by annualised premium equivalent (APE) sales. The company achieved quarter-on-quarter APE growth in each quarter of 2024, making it the only insurer among Hong Kong’s top five by APE sales to record consistent sequential increases over the year, according to provisional industry statistics from the Hong Kong Insurance Authority and Prudential’s annual results released on March 20.
Key Financial Highlights
PHKL’s APE sales demonstrated a compound annual growth rate (CAGR) of 98% from 2022 to 2024, while new business profit (NBP) grew at a CAGR of 107%. The company attributed this growth trajectory to its extensive distribution reach, innovative product development initiatives, and targeted customer engagement strategies. Notably, PHKL strengthened its position in the retirement space, reporting that it accounted for 24% of immediate and deferred annuity business distributed via the agency channel. The insurer expanded its sales force by adding more than 5,400 financial consultants over the year.
Factors Driving Growth
Chief Executive Lawrence Lam attributed Prudential Hong Kong’s success to broader post-pandemic market conditions that supported industry growth, as well as the company’s strategic direction that allowed it to capitalize on increased customer activity. “The insurance sector continued its post-pandemic resurgence in 2024. At Prudential, we are proud that our strong APE and NBP growth positioned us among Hong Kong’s top five insurers,” Lam said. He highlighted that enhancements to digital and advisory platforms contributed to the performance of both agency and bancassurance channels.
Health Insurance and Partnerships
Health insurance remained a key growth segment for Prudential Hong Kong, with rising demand for related products among both local policyholders and cross-border visitors. In line with its emphasis on health services, PHKL launched several initiatives in 2024, including the PremierFlex Medical Plan, which offers global medical coverage and value-added health services. The insurer expanded its presence in the Greater Bay Area by becoming the first insurer to establish a direct collaboration with Shenzhen New Frontier United Family Hospital, allowing eligible customers to access direct billing services for medical treatments.
PHKL also broadened its partnership with United Family Healthcare to include locations in Guangzhou and Shanghai, and partnered with a network of seven medical institutions in Hong Kong to build a more accessible healthcare ecosystem. In support of its digital transformation agenda, PHKL rolled out the “HealthCare+” eService platform, offering services such as second opinions, direct billing, and critical illness case management. The company plans to continue expanding its integrated health ecosystem and strategic partnerships in 2025 to meet growing demand for cross-border and private healthcare solutions in Asia.
