ING Life Hong Kong Doubles New Business During First Half of 2010

From: ING Hong Kong
Published: Tue Sep 21 2010


ING announced solid result of its Hong Kong life insurance business for the first half of 2010, with new premiums recorded at nearly HK$922 million, a 106% increase over the same period of the previous year. In Macau, new premium income recorded an overall increase of 43%, reaching nearly HK$24 million.

For the first half-year results of 2010, INGˇ¦s Hong Kong life business reported total premiums of nearly HK$2.1 billion, a 48% increase over the same period of the previous year. In the meanwhile, strong sales from both the agent sales force and bancassurance channels registered 51% and 537% growth, respectively, contributing to an increase of 68% for the average premium per new policy in the region. Average premiums per policy stood at around HK$65,000, while new policy numbers grew 23%. In Macau, ING also showed stable growth, led by a 24% rise in total premiums to approximately HK$89 million, while new policy average premiums and new policy numbers grew by 17% and 22%, respectively, compared to the previous year.

Mr. Lennard Yong, Co-Head, Insurance & Pensions (HK/Macau), stated, ˇ§We have seen brilliant business results in the first half, surpassing our business target and also reflecting our continued and stable growth. This impressive growth was marked noticeably by an overwhelming sales performance generated from all different distribution channels and product types, which contributed to the overall positive results. Furthermore, according to the Quarterly Release of Provisional Statistics for Long Term Business from January to June 2010*, ING grew by 121% in terms of new business while the market grew by 59% compared to last year. Our market share has also increased. We will continue to invest in our core services, so as to enhance and add value to existing service quality and bring forth greater efficiency.ˇ¨

Mr. Wim Hekstra, Co-Head, Insurance & Pensions (HK/Macau), added, ˇ§This year, our product strategy focus was on creating more customised choices to meet the different needs of clients, which led to the launch of savings, crisis plans and universal life. We further added to our comprehensive list of products when we launched the RMB savings insurance plan this year ˇV which made us one of the market leaders in this product area. The product was available in the market from June to July and was very well received by customers, contributing to a remarkable growth in our new business premiums. This will be followed by our plan to enhance existing medical plans by the end of this year. Riding on our product advantage, we will further strengthen cooperation with strategic business partners as well as enhance the network of independent brokers and financial planning companies to further boost growth.ˇ¨

In addition to strengthening our services, distribution network and product types, investment in the recruitment and training of the front line sales force is another highlight of the business agenda. According to Mr. Benny Law, Chief Agency Officer of ING Life, ˇ§With an existing agency force of around 1,500 persons, a series of programmes will be put in place to attract quality and potential sales people from different areas; these programmes include organising recruiting seminars and other related activities, as well as launching referral and internship programmes. More investment has been made to reinforce the vital role of our sales persons in the market by providing them with comprehensive training and enhancing our e-learning platform.ˇ¨

To celebrate the exceptional business performances, an incentive trip to Athens was organized to recognize top agents. Over 260 agents from ING Life Hong Kong gathered in Athens in early September to share their experiences and to reinforce momentum for better results in the future. This recognition reflects how ING values the best people and is committed to rewarding its top performers.

*Source: Office of the Commissioner of Insurance
Company: ING Hong Kong
Contact Name: Gladys Chai
Contact Email: gladys.ym.chai@ing.com.hk
Contact Phone: 2850 2997

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