The first quarter of 2025, traditionally the strongest sales period for China's life insurance industry, has shown clear signs of pressure, with new business premiums declining notably across major distribution channels.
On May 14, Ant Insurance, an online insurance platform under Ant Group, announced that its flagship medical insurance product - Haoyibao long-term medical plan (flagship version) - is now open to residents of Hong Kong, Macau, and Taiwan. The move aims to improve financial service accessibility for these groups living in mainland China.
Chubb Life Hong Kong has launched a digital insurance plan aimed at promoting and facilitating well-being practices for individuals wishing to achieve a healthier lifestyle.
Online health insurer Bowtie Life has developed Hong Kong's first fully online medical underwriting system, designed to instantly evaluate applicants' health conditions, according to co-founder and co-CEO Fred Ngan.
Called Health Up, the new digital insurance plan combines term life and accidental death coverage with a suite of annual health and wellness benefits.
Mainland China visitors (MCVs) to Hong Kong contributed new business premiums to the territory's insurance market, totalling HK$62.8bn ($8.1bn), an increase of 6.5% over 2023. The figure made up 28.6% of total new office premiums for individual business, according to data released by the Hong Kong Insurance Authority.
Hong Kong Life has launched a number of innovative health service initiatives in the market.
Hong Kong Life has launched the second wave of its health service initiative, the "Mannings PharmaCare" offer.
The first captive insurer formed by a multinational enterprise based in Hong Kong has received authorisation from the Insurance Authority (IA).
Peak Re announced its full-year financial results for the year ended 31 December 2024. With a net profit after tax of $187m - the company's second-best results in its twelve-year history - the company demonstrated resilience and sustained profitability amidst a turbulent risk environment. The Reinsurer's return on adjusted equity stood at a healthy 15.7%, and total equity rose to $1.43bn, supported by strong underwriting and investment performance across all lines of business.