Blue Cross Surpasses Market Average with Over 20% Growth in 2024
Blue Cross achieved a 22.1% year-on-year growth in gross written premiums, significantly outpacing the market average of 6.3% 1. Blue Cross's overall market share has also increased.
Non-medical business experienced strong growth, with premiums surging by over 30% (31.7%), mainly driven by performance in travel and personal accident, employees' compensation, general liability and motor vehicle insurance businesses. The overall market's non-medical business slightly declined by 0.9% 2.
In particular, travel and personal accident business performed the best, with a premium growth of nearly 40% (36.7%), far exceeding the overall market's growth of about 20% (20.1%) 3.
Medical business also maintained its growth momentum, recording a premium growth of nearly 20% (19.1%).
Ms. Bonnie Tse, Chief Executive Officer of Blue Cross, said, "Thanks to the staunch support of our customers and the collective efforts of our business partners, frontline and back-office teams, Blue Cross delivered wonderful results in 2024 with multiple business lines outperforming the market, cementing our strong position in the general insurance industry. Moving forward, we remain confident in our growth trajectory. Staying true to our customer-centric philosophy, we will continue to enhance our products and services catered to the needs and pain points of customers, ensuring the right protection at the right time for the right budget."
Notes:
Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, excluding Mortgage Guarantee.
Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, excluding Medical and Mortgage Guarantee.
Source: Insurance Authority's Provisional Statistics on General Business (direct business) from January to December 2024, non-medical part under Class of Business "Accident & Health".
Disclaimers:
This press release is for distribution in Hong Kong Special Administrative Region only. The distribution of this press release is not and shall not be construed as an offer to sell or a solicitation to buy or a provision of any insurance product outside Hong Kong Special Administrative Region.
Blue Cross (Asia-Pacific) Insurance Limited is a subsidiary of AIA Group Limited. It is not affiliated with or related in any way to Blue Cross and Blue Shield Association or any of its affiliates or licensees.
Hashtag: #BlueCross
The issuer is solely responsible for the content of this announcement.
Blue Cross (Asia-Pacific) Insurance Limited
Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") is a subsidiary of AIA Group Limited. With over 50 years of operational experience in the insurance industry, Blue Cross provides a comprehensive range of products and services including medical, travel and general insurance, which cater to the needs of both individual and corporate customers. Blue Cross distributes its products through various channels, including AIA agency force, online platform, direct sales, BEA network, insurance agents and brokers, as well as travel agencies.
In 2024, Blue Cross is assigned financial strength rating of A+ (stable outlook) and issuer credit rating of A+ (stable outlook) by S&P Global Ratings.
Blue Cross (Asia-Pacific) Insurance
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