MetLife Hong Kong Celebrates 18% YoY Business Growth
MetLife Limited (MetLife Hong Kong)*, a wholly-owned subsidiary of MetLife, Inc., the #1 U.S. life insurer^, today announced the latest updates of its business progress and achievements in 2015, and shared its business plan for the year ahead with a focus on expanding its successful agency and brokerage businesses.
Last year witnessed many historic milestones for MetLife Hong Kong. Most recently, MetLife Hong Kong received an A rating from Standard & Poor’s, scored 22 industry and marketing awards including Company of the Year (Insurance) at the BENCHMARK Wealth Management Awards 2015, and achieved an 18% year-over-year business growth^^ with the value of new business margin doubled^^. In addition to business growth, MetLife Hong Kong built its agency force to over 500 agents within the year – exceeding its first-year target, setting MetLife Hong Kong on track to reach its three-year goal of 1,500 agents. With a solid foundation set, MetLife Hong Kong seeks to expand on last year's momentum via three key objectives highlighted today at its 2016 business strategy address:
1. Continue to provide innovative products and the highest quality customer service;
2. Expand its high-net-worth and mid-affluent segment offerings; and
3. Grow its agency and brokerage businesses, following on last year's success.
Mr. Lennard Yong, Chief Executive Officer of MetLife Hong Kong, said, "We are extremely proud of our accomplishments from last year, but our work in Hong Kong is far from done. Our mission is to become one of the leading life insurers in Hong Kong, and in order to realize this ambition, we will diligently set forth to achieve our year-ahead business objectives. In tandem with our ongoing commitment to pursuing product and service excellence, our primary focus this year is to expand our brokerage business and to continue scaling our agency force. In particular, we view the high-net-worth and mid-affluent demographics as emerging segments which can benefit greatly from our diverse portfolio of innovative products and services."
MetLife Hong Kong’s brokerage business has been buoyed by increased regional demand for USD-denominated life insurance products amid volatile global markets, strong investment strategies and capabilities, and the financial strength of MetLife Hong Kong, which has recently obtained an A rating from Standard and Poor’s. MetLife Hong Kong's award-winning USD universal life insurance products, which provide customers with the flexibility to focus on the policy’s cash value growth, have been widely acclaimed by the high-net-worth customer base for its ability to ensure broad protection to fill the gaps in estate and succession planning.
Regarding its growing agency force, MetLife Hong Kong's goal of recruiting 1,500 agents from 2015 to 2017 has been supported by recruitment programs like “Go Goal Life” - a new and unique recruitment campaign that aims to attract Generation Y talent. As a result, its agency force has been able to enlist over 500 agents to meet its first-year objective in a highly competitive insurance industry.
“I am confident that through this vision for 2016 we will take one big step towards realizing our mission in Hong Kong. We have the talent, the passion, and the expertise to bring us to new heights in this city, and I look forward to being part of this journey,” concluded Mr. Yong.