FWD Hong Kong has reported an extraordinary surge in its new business premiums, with first-year premiums nearly doubling during the first nine months of 2025. The insurer’s strong performance outpaced overall market growth, reflecting broad-based gains across all distribution channels.
Preliminary figures from the Hong Kong Insurance Authority (HKIA) reveal that FWD’s new business annual premium equivalent (APE) increased by 74% year-on-year (YoY) for the period ending September 2025, substantially exceeding the industry average growth of 43%.
The company recorded robust growth across its core distribution channels, each achieving double-digit increases and outperforming market averages. In particular, the tied agency channel saw new business APE rise by 52% YoY, compared with the industry’s 27%. The bank channel reported APE growth of 67%, more than double the sector average of 32%.
Brokers also contributed significantly, with APE climbing 88% YoY, outperforming the market average of 69%. FWD’s online and direct channels recorded the most striking expansion, posting an APE increase of 249%, compared with the market’s 111%, highlighting the growing consumer shift towards digital platforms.
FWD Hong Kong New Business APE Performance (9M 2025)
| Distribution Channel | FWD APE Growth YoY | Industry Average YoY |
|---|---|---|
| Tied Agency | 52% | 27% |
| Bank Channel | 67% | 32% |
| Brokerage | 88% | 69% |
| Online & Direct Platforms | 249% | 111% |
| Overall | 74% | 43% |
The remarkable growth reflects FWD Hong Kong’s strategic focus on diversifying distribution, expanding digital offerings, and enhancing customer engagement. Analysts suggest that the company’s aggressive push into online channels and innovative insurance solutions has helped it capture market share more rapidly than competitors.
With the insurance sector in Hong Kong continuing to evolve, FWD’s performance demonstrates the potential for digitally savvy and multi-channel insurers to achieve significant growth even in a competitive environment.