MetLife Hong Kong Surges Ahead with Strong First-Half Performance
July 08 2016 - 07:14AM
Business Wire
Triple-Digit Growth Makes MetLife One of the
Fastest Growing Life Insurers in Hong Kong
MetLife Hong Kong^, a wholly-owned subsidiary of MetLife, Inc.,
the #1 U.S. life insurer*, recorded rapid growth and broad strength
in its business results. The first half of the year witnessed many
milestones for MetLife Hong Kong. Notable achievements include 116%
year-over-year business growth in the first quarter# - marking
MetLife Hong Kong as one of the fastest growing life insurers in
the market#, 150% year-over-year agency force growth**, brokerage
business growth of over 48 times year-on-year #, and an expanding
telemarketing network with a new long-term partnership.
Underpinning MetLife Hong Kong's success is a business strategy
focused on product innovation, customer service excellence, and the
expansion of its brokerage and agency businesses. Dr Nirmala Menon,
Executive Vice President & Head of Designated Markets and
Health at MetLife Asia Limited, remarked, "Hong Kong is a very
important market to MetLife in Asia, and we see tremendous
opportunity for further expansion thanks to our successful business
strategy. Our agency force and brokerage business are cornerstones
for our growth here, and we will continue our commitment to focus
on delivering innovative, customer-centric products and services in
Hong Kong. I look forward to MetLife Hong Kong’s continued success
in the market.”
In addition to its business growth, MetLife Hong Kong's agency
force continues to expand amid an ambitious recruitment strategy;
with over 700 agents, it remains on course to exceed its 2016
recruitment target of 1,000 agents. MetLife Hong Kong is one of the
fastest growing agencies in the industry with 150% year-over-year
manpower growth**. This achievement underscores the success of its
recruitment strategy.
Ms. Eva Wong, Chief Agency Officer of MetLife Hong Kong, said,
"We are steadily progressing to achieve our 2016 agency recruitment
target, and have already set aggressive plans to double the growth
of our agency force to 2,000 in the near future. The remarkable
growth of our agency force is a testament to our talent acquisition
and agency career development strategy. Newly launched digital
platforms such as WeTag and PopCoin provide communication, sales,
and recruitment tools which truly engage our agents. We will
continue to attract top talent and inspire a new generation of
agents who thrive in our supportive and entrepreneurial
culture."
MetLife Hong Kong's high-growth brokerage business has already
exceeded its goal to become one of the top ten life insurers in
Hong Kong – it is currently ranked eight#. Its brokerage business
volume has registered a year-over-year growth of over 48 times#.
MetLife Hong Kong is growing its high-net-worth customer base
through the award-winning MetLife Legacy Basic Universal Life.
Differentiated products, such as MetLife Sunshine Savings Plan and
the award-winning MetLife Silver Lining Critical Illness Protector,
have also helped MetLife Hong Kong stand out from the competition
and fuel its accelerated momentum.
Mr. Bobby Ying, Head of Strategic Partnership Distribution of
MetLife Hong Kong, has been working to synergize partnership
distribution of brokerage and telemarketing channels. Mr. Ying
said, "Our brokerage business has grown tremendously this year as
we tailored solutions to meet the needs of the mid-affluent and
high-net-worth consumers. Our focus in the future is to continue
our successful push into the local and regional high-net-worth
customer segments, while consolidating our overall position in Hong
Kong. We will continue to expand in Hong Kong’s brokerage market
and deliver innovative solutions and world-class customer service."
Recently, the company’s telemarketing network has expanded with the
addition of a new long-term partnership.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world^^. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information about MetLife Hong Kong,
visit www.metlife.com.hk.
* Based on 2015 written premiums. Source: Axco Global Statistics
2016.
^ MetLife Limited and Metropolitan Life Insurance Company of
Hong Kong Limited (collectively “MetLife Hong Kong”) are
wholly-owned subsidiaries of MetLife, Inc. in Hong Kong and private
companies limited by shares incorporated and registered under the
applicable laws in Hong Kong. Both MetLife Limited and Metropolitan
Life Insurance Company of Hong Kong Limited are authorized insurers
carrying long term business in Hong Kong.
# Based on the Annual Premium Equivalent (APE) according to the
Quarterly Release of Provisional Statistics for Long Term Business
1Q 2016 from the Office of the Commissioner of Insurance.
** Based on the HK Life Insurance Intermediary Monitor Report
from Pi Financial Services Intelligence (May 2016).
^^ Based on non-banking assets according to A.M. Best research
2012 data, Best’s Review July 2014.
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For MetLife:Media:Sunshine Farzan, (852) 2199
1821sfarzan@metlife.comorRaey Choi,(852) 2199 1826rchoi@metlife.com
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