Prudential Hong Kong Limited (PHKL), part of Prudential plc, recorded sustained growth in its new business throughout 2024, positioning itself as one of Hong Kong’s leading life insurers by annualised premium equivalent (APE) sales.
The company reported quarter-on-quarter APE growth during each quarter of 2024, making it the only insurer among Hong Kong’s top five by APE sales to achieve 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.
PHKL’s APE sales posted 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 trajectory to its distribution reach, product development initiatives, and targeted customer engagement strategies.
The insurer also continued to strengthen its position in the retirement space, reporting that it accounted for 24% of immediate and deferred annuity business distributed via the agency channel. More than 5,400 financial consultants were added to its sales force over the year.
PHKL also reported that NBP generated through its bancassurance relationship with Standard Chartered Bank increased by 54% year-on-year, reflecting what the company described as a stable distribution partnership and resilient demand for bancassurance offerings.
Chief executive Lawrence Lam said that broader post-pandemic market conditions supported industry growth and that Prudential’s strategic direction allowed it to benefit from 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. This achievement is a testament to the success of our strategy, which built around customer service, distribution, and health. In its first full year of implementation, this strategy has clearly benefited our customers and contributed to a remarkable 15% growth in new business profit,” he said.
He added that enhancements to digital and advisory platforms contributed to the performance of both the agency and bancassurance channels.
“During the year, customers responded positively as we strove to elevate standards of operational excellence. Our focus on distribution further strengthened our market-leading agency and bancassurance channels, supported by proprietary tools and technology designed to empower our agents,” Lam said.
Health insurance remained a key growth segment, 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. Among them was the PremierFlex Medical Plan, which offers global medical coverage and value-added health services aimed at supporting long-term medical needs.
The insurer also 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. This partnership allows eligible customers to access a direct billing service for medical treatments at the facility.
PHKL also broadened its partnership with United Family Healthcare to include locations in Guangzhou and Shanghai. Locally, the company partnered with a network of seven medical institutions, including Gleneagles Hospital, Chiron Medical Group, Union Hospital, and others, to build a more accessible and patient-focused healthcare ecosystem in Hong Kong.
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. It also introduced MedScreen+, a digital underwriting tool aimed at improving the customer application process.
The company said it 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.
