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

FWD Private (Bermuda), a unit of Hong Kong-listed FWD Group founded by billionaire Richard Li Tzar-kai, has set a new Guinness World Record by selling a US$318 million life insurance policy, the companies said in separate announcements on Tuesday.

The record-breaking sale surpasses the previous record of US$300 million set by Manulife Singapore in February this year. Previously, HSBC Life Hong Kong sold a world record US$250 million life policy in early 2024.

FWD did not name the client but said the policy was issued for “an individual customer’s wealth preservation and intergenerational legacy planning”.

“This record policy underscores Hong Kong’s position as one of the world’s leading wealth management and life insurance hubs,” said Teddy Chu, CEO of Charles Monat Associates Hong Kong, the insurance broker that arranged the deal.

The series of record-breaking insurance policies involving Hong Kong and Singapore firms underlines how Asia has become a hub for wealthy customers who use insurance as an effective tool to pass wealth to the next generation.

Before HSBC Life’s record sale, the previous world record holder was a US$201 million policy bought by a tech billionaire in California in March 2014.

FWD’s record showed the strong demand for legacy planning among high-net-worth customers, said Shelyne Shum, FWD Private’s chief partnership distribution officer.

“This record-breaking policy marks an important milestone for FWD and reflects the trust that high-net-worth customers place in us,” Shum said. “FWD Private continues to accelerate growth across Asia and deliver tailored legacy planning solutions that empower customers and their families to truly celebrate living.”

Life insurance sales in Hong Kong rose 58 per cent in the first half of this year to a record high of HK$275.16 billion (US$35.3 billion), according to Insurance Authority data.

It was the fourth consecutive year in which first-half sales hit a record as affluent customers from mainland China and overseas continued to buy policies in the city for wealth transfer, ­protection and medical needs.

FWD Private’s blockbuster policy sale will not count towards Hong Kong’s insurance sales total, as the policy was issued by the group’s Bermuda unit.