HONG KONG--(BUSINESS WIRE)--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.
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.