Zurich Insurance Hong Kong Achieves Significant Growth in Annual Premium Equivalent (APE)
Zurich Insurance Hong Kong has announced robust results, with their annual premium equivalent (APE) doubling year-on-year (YoY). The company credits its strong performance to a diversified approach to product offerings and sales channels.
According to the report, Zurich Insurance Hong Kong has maintained its leading position in the investment-linked assurance scheme (ILAS) market. Furthermore, the company increased its market share within the independent financial advisor (IFA) distribution channel to 45% YoY during the first three quarters of 2024, up from 35% YoY in the prior year.
The ‘Swiss Fortune Universal Life Plan’ experienced a remarkable surge of 20x YoY in sales, thereby fueling expansion within the savings insurance segment. Peter Yuan, Acting Chief Executive Officer of Life Insurance, attributed the growth to strategic product and channel diversification.
He also highlighted a 15% YoY increase in the company’s customer net promoter score, a metric that reflects customer satisfaction. A key driver of this growth has been robust sales generated from visitors to Hong Kong. “Zurich has expanded its offshore business to meet the increasing investment demand from Mainland China,” Yuan noted.
APE derived from visitors to Hong Kong now contributes nearly 30% of Zurich’s life business, with this segment experiencing a remarkable 17x YoY growth. Additionally, the company has expanded its broker network by 70%, resulting in a doubling of APE generated through brokers, while online sales have tripled year-on-year.
Looking ahead, Zurich plans to introduce indexed universal life (IUL) products once regulatory guidelines are finalized.
