HONG KONG, CHINA - Media OutReach - June 22, 2017 - MetLife Hong Kong^ has recorded strong growth and broad strength in its business performance. The first quarter of the year witnessed many notable milestones for MetLife Hong Kong, including moving up to the 8th rank in the market*. This marks a jump up by 4 positions since ranking 12th during the fourth quarter of 2016. With 457% year-over-year business growth in the first quarter of 2017*, MetLife Hong Kong is one of the fastest growing life insurers in the market*, with sustainable growth of agency force, and brokerage business growth of over 5 times year-on-year*.
MetLife Hong Kong management shared the company's performance in the first quarter of 2017 and business strategies. (Left to right : Bobby Ying, Head of Strategic Partnership Distribution; Eva Wong, Chief Agency Officer; Lee Wood, Chief Executive Officer; Frankie Nip, Chief Actuary and Carolyn Chung, Head of Corporate Marketing and Communications).
Mr. Lee Wood, Chief Executive Officer of MetLife Hong Kong, said, "We are very excited that MetLife Hong Kong has made an outstanding start to 2017. Underpinning the success is a business strategy focused on product innovation, customer centricity, and the expansion of our agency, brokerage and telemarketing business. But our work in Hong Kong is far from done. Our mission is to become one of the leading life insurers in the market and the trusted advisor for our customers. MetLife Hong Kong continues to deliver a strong track record of business growth, in tandem with our ongoing commitment to pursuing product and service excellence, navigating life together with our customers."
With a solid foundation set, MetLife Hong Kong's strategy for the year is to build on its surging momentum with a focus on 4 key pillars: expansion of diversified distribution channels, product innovation, a refreshed brand, and digital transformation.
1) Expansion of Diversified Distribution Channels
MetLife Hong Kong will continue to provide high-quality advice to customers and meet their needs through diversified distribution channels, including its professional and energetic agent force, professional broker-network and niche telemarketing channel.
- AgencyForce - MetLife Hong Kong has built its agency force to over 900 agents and will continue to grow, setting MetLife Hong Kong well on track to reach its goal of 1,500 agents by 2018.
- Brokerage - MetLife Hong Kong's high-growth brokerage business is ranked 2nd as of the first quarter of 2017*. Its brokerage business volume has registered a year-over-year growth of over 5 times*.
- Telemarketing - MetLife Hong Kong's telemarketing remains the 2nd largest direct channel* in Hong Kong with over 10 years of experience.
2) Product Innovation
Making use of insights from technology and data, MetLife Hong Kong is dedicated to identifying customers' insurance protection and savings needs. By creating innovative, customer-oriented insurance solutions, MetLife Hong Kong consistently responds to customers' needs that continue to evolve, and addresses their health and wellness concerns.
Typical critical illness insurance products provide a lump sum payment for immediate or one-off financial support for treatment. However, the incidence rates of certain critical illnesses such as stroke, kidney failure and advanced dementia that cause lifelong impacts and long-term care expenses are increasing, and many patients with critical illnesses are living longer than ever. In view of these health trends and customers' needs, MetLife Hong Kong has gone beyond the typical critical illness insurance in developing MetLife Healthcare Companion Critical Illness Annuity. Key features include:
- The first impaired annuity product in the Hong Kong market that continuously provides annuity payouts even if the insured person recovers subsequently
- Steady stream of guaranteed annuity payouts for long-term care expenses and income supplement up to age 100, beginning upon diagnosis of any of the covered critical illnesses
- Waiver of premium upon confirmed diagnosis of any of the covered critical illnesses
3) Refreshed Brand Committed to Hong Kong
With MetLife, Inc.'s strong history of 149 years, MetLife Hong Kong has launched a series of innovative and interactive initiatives under the theme "149 Reasons why #WeLove Hong Kong", and is using signature local items to remind local people how MetLife Hong Kong partners with customers in every aspect of life. The hallmark initiatives include out-of-home advertising, ice-cream kombi, and a 3D pop-up "#WeLove" photo opportunity to encourage Hong Kong people to share what they love about the city, creating dialogue that helps MetLife Hong Kong understand customers' needs and show that it truly cares for customers.
4) Digital Transformation Enhancing Customer Experience
MetLife Hong Kong is leading a digital transformation. As a trusted advisor for customers, MetLife Hong Kong has been striving for service excellence by creating a new, highly engaging digital tool that changes how customers experience insurance. Customers will be actively engaged in the whole journey from discovering and visualizing their protection and savings needs, to co-creating a personalized solution together with MetLife advisors. Making use of insights from technology and data, this innovative digital tool will also enable MetLife advisors to deliver the right solutions for the right customers by better identifying customers' needs and protection gap.
Mr. Lee Wood said, "Being customer centric -- putting customers at the heart of everything we do -- is a commitment we have made at MetLife Hong Kong. Today's customers demand more innovative, flexible and personalized solutions from their financial advisors and insurance providers. Our ability to innovate and stay ahead of the curve has been instrumental to our success. Our agency force, brokerage business and telemarketing team 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. With our talented workforce, top-notch financial strength, and differentiated brand, I am confident that 2017 will continue to be a year of growth and expansion."
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.
^ 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 New Business Annual Premium Equivalent according to the Quarterly Release of Provisional Statistics for Long Term Business 1Q 2017 from the Office of the Commissioner of Insurance.
# Based on non-banking assets according to A.M. Best research 2012 data, Best's Review July 2014.