Hong Kong life insurance sales jump 43% to record high in first quarter

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Hong Kong life insurance sales jump 43% to record high in first quarter

Life insurance sales in Hong Kong rose 43 per cent in the first quarter to a record high on demand for protection and estate planning from high-net-worth customers and visitors from mainland China, as the city seeks to become a wealth management hub to rival global leaders like Switzerland.

The industry wrote HK$93.4 billion (US$12 billion) worth of new life policies, up from HK$65.3 billion a year earlier, the Insurance Authority said on Friday. It was the highest first-quarter sales tally since the authority was established in 2016.

Hong Kong had a record year in 2024, when insurers posted a 21.4 per cent jump in sales to HK$219.8 billion, courtesy of a world-record policy sold by HSBC Life.

“Hong Kong’s insurance industry continued its strong momentum in early 2025, supported by sustained demand for savings, health, and protection products from both local customers and mainland Chinese visitors,” said Patrick Graham, CEO of Manulife Hong Kong and Macau.

The regulator did not disclose policy sales to mainland visitors, having earlier decided to release such statistics after a review about the disclosures of non-local buyers.

Mainland visitors represent a major source of clients for Hong Kong insurers, with some turning their trips into investment missions to hedge against yuan depreciation. The number of mainland visitors rose 6.3 per cent in the first quarter to 9.3 million from a year earlier, according to the Tourism Board – or 76 per cent of all tourist arrivals.

HSBC Life maintained its market leadership with more than HK$20 billion of new business premiums during the quarter, giving it a 21.5 per cent market share, according to the Insurance Authority.

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