FWD Hong Kong has finalised a long-term bancassurance agreement with Bank SinoPac. This move is being viewed as a strategic one to broaden its market presence among high-net-worth individuals and commercial clients.
The collaboration will offer SinoPac customers access to insurance products that cater to wealth management, asset diversification, and legacy planning.
FWD Hong Kong CEO and MD of Greater China Mr Ken Lau said the partnership underscores the potential for mutual growth. He said, “Together, we will bring bank customers a wide range of insurance solutions and services to enhance wealth growth and legacy planning, empowering them to achieve their financial goals at different life stages and changing the way people feel about insurance.”
As part of its portfolio, FWD will offer products like the “MaxFocus” life insurance and savings plans. These plans are designed to meet the needs of affluent customers, emphasising long-term investment potential and adaptable options for inheritance planning.
Bank SinoPac operates over 120 branches across Taiwan and Hong Kong, providing wealth management and financial planning services.
FWD Hong Kong’s growth in the first half of 2024 registered an increase of 33% in first-year premiums (FYP), significantly outpacing the industry’s average growth of 12%, based on provisional figures from the Hong Kong Insurance Authority (IA).
Mr Lau said the credit of FWD’s growth goes to its dual-market strategy targeting both the Hong Kong market and the Greater Bay Area.