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Hong Kong life insurers post record first-quarter sales on affluent demand
New life policy sales rose 51.0% year over year to HK$141.1 billion in the first quarter, with demand supported by mainland China and overseas buyers seeking wealth transfer and protection.
Life insurance sales in Hong Kong climbed to another record high in the first quarter, driven by affluent customers from mainland China and overseas buying policies for wealth transfer, protection and medical needs, according to data from the Insurance Authority. SCMP Economy reports the industry wrote HK$141.1 billion, equivalent to US$18 billion, in new life policies in the quarter.
That level compares with HK$93.4 billion a year earlier, and marks the third straight year in which first-quarter sales hit a record high since the authority was established in 2016. SCMP Economy notes the growth trend is tied to a rise in demand for longevity and legacy planning products.
The article also points to corporate moves reflecting the opportunity, with Manulife’s Hong Kong unit becoming the first major global insurer to redomicile from Bermuda to Hong Kong in December. SCMP Economy frames the step as a way for insurers to position for the market’s expanding customer base.