And announces current Hong Kong & Macau CEO David Wong's retirement
Hong Kong, 5 February 2018 – FWD Group today concurrently announced the upcoming retirement of David Wong, Chief Executive Officer, Hong Kong & Macau and Executive Vice President, Greater China Region, and the appointment of Ken Lau as Managing Director, Greater China, and Chief Executive Officer (designate), Hong Kong & Macau, subject to regulatory approval.
Ken will lead FWD Hong Kong & Macau’s growing business and drive the delivery of its technology-driven and customer-led strategy, as well as oversee the future establishment of FWD in Greater China. Ken has over 27 years’ insurance industry experience in Greater China and joins FWD Hong Kong & Macau from Union Life Insurance Co. China, where he was the Chief Executive Officer charged with managing both the life and general insurance businesses.
David has announced his retirement from his position (from April 2018) to spend more time with his family. David was a founding member of FWD Group and led the transformation of the acquired Hong Kong & Macau business. David has agreed to continue to work with FWD Group as an advisor and will maintain his position as Chairman of FWD Vietnam.
Huynh Thanh Phong, Group CEO, said, “David was one of the first members of our pioneering executive team. Under David’s leadership, our flagship operation in Hong Kong & Macau has firmly established an innovative and dynamic brand, and has built a strong company culture, enabling our Hong Kong team to change the way people feel about insurance. He also led our InsurTech development in Hong Kong and created the iFWD platform, which has become the market leader of the direct and digital insurance channel (Note 1). We are extremely grateful for his commitment and passion for growing our Hong Kong business, and we are delighted he will remain involved with the company.”
Phong continued, “As a result of David’s retirement, I am very pleased to announce the appointment of Ken Lau. Ken brings a wealth of experience to FWD and will be an invaluable source of strategic insight to our Hong Kong & Macau team.”
Ken commented, “It is an enormous opportunity to lead FWD Hong Kong & Macau and join one of the fastest growing insurers in Asia. I look forward to working closely with David during the handover period and continuing the fantastic work of the team. I am excited by the vision of changing the way people feel about insurance, and impressed with the team’s customer-led and technology-driven mind-set, offering easy-to-understand products delivered through our multi-channel distribution model, providing customers choice and convenience. I am really looking forward to getting started.”
Ken was previously Chief Executive Officer of Union Life Insurance Co. China. During his three-year tenure, the company saw fast expansion in China, with new first year premiums growing from 0.9 to 5 billion RMB driven by the doubling of the agency force to more than 80,000 across the entire country, while simultaneously establishing new channels including e-commerce, bancassurance and corporate care. Prior to Union Life, Ken was with Ping An Life for more than 10 years, most recently as President from 2012 to 2014. His early career included roles in China, Hong Kong and Taiwan for Prudential and AIA.
1. FWD accumulated an external APE of HK$274 million with its direct-sale life insurance business in the first 3 quarters of 2017, accounting for 52% of the Hong Kong market. Source: Provisional Statistics on Hong Kong Long Term Insurance Business (January to September 2017) Insurance Authority.
Ken Lau, Managing Director, Greater China, and Chief Executive Officer (designate), Hong Kong & Macau