Richard Li’s FWD sets world record with sale of US$318m life insurance policy

FWD Private, a subsidiary of FWD Group based in Bermuda, has broken the Guinness World Record by selling a US$318 million life insurance policy to an individual customer. The record-breaking sale surpasses the previous record of US$300 million, held by Manulife Singapore in February 2024. HSBC Life Hong Kong previously sold a US$250 million policy in early 2024.

Teddy Chu, CEO of Charles Monat Associates Hong Kong, noted that the record policy emphasizes Hong Kong's status as a leading wealth management and life insurance hub. The deal was arranged by the insurance broker.

FWD Private's chief partnership distribution officer, Shelyne Shum, highlighted the strong demand for legacy planning among high-net-worth customers. She stated that the record-breaking policy marks a significant milestone for FWD and reflects the trust placed by customers in the company. FWD Private aims to continue its growth across Asia and deliver tailored legacy planning solutions for customers and their families.

Life insurance sales in Hong Kong have soared 58% in the first half of the year, reaching a record high of HK$275.16 billion (US$35.3 billion). This is the fourth consecutive year of record-breaking sales as affluent customers from mainland China and overseas continue to purchase policies for wealth transfer, protection, and medical needs. FWD Private's record-breaking policy sale does not contribute to Hong Kong's total insurance sales, as it was issued by the group's Bermuda unit.