Zurich Insurance Hong Kong has announced a significant milestone in its life insurance division, with the company’s annual premium equivalent (APE) doubling year-on-year (YoY).
The insurer has solidified its dominance in the investment-linked assurance scheme (ILAS) market, boosting its share in the independent financial adviser (IFA) distribution channel to 45% in the first three quarters of 2024, up from 35% during the same period in 2023.
A key contributor to this success was the 20-fold YoY increase in sales of its “Swiss Fortune Universal Life Plan,” which has driven growth in the savings insurance segment.
Peter Yuan, Acting Chief Executive Officer of Life Insurance at Zurich, credited the company’s strong performance to its diversified product offerings and expanded sales channels. He also highlighted a 15% YoY improvement in the company’s customer net promoter score, which reflects strong customer satisfaction and loyalty, driven in part by robust sales from visitors to Hong Kong.
Zurich has also expanded its offshore operations to cater to the growing investment demand from Mainland China. APE generated by visitors to Hong Kong now represents nearly 30% of the company’s life insurance business, with this segment growing 17-fold YoY.
In addition, Zurich has significantly expanded its broker network by 70%, resulting in a doubling of APE generated through brokers. Online sales have also seen a remarkable increase, tripling YoY.
Looking ahead, Zurich plans to introduce indexed universal life (IUL) products, pending final regulatory approval.
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