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Hong Kong insurers AIA, HSBC Life, Manulife and Prudential cash in as first-quarter sales to Chinese visitors soared 28-fold
- New life insurance policy sales to mainland visitors rose to HK$9.61 billion (US$1.23 billion) in the first quarter, up from HK$345 million a year earlier
- Overall new life insurance sales rose 10.7 per cent year on year in the first quarter to HK$47 billion
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Life insurance sales in Hong Kong to mainland Chinese visitors surged 28-fold in the first quarter, as the reopening of the border unleashed a wave of pent-up demand, according to data from the Insurance Authority on Wednesday.
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Sales of policies to mainland visitors stood at HK$9.61 billion (US$1.23 billion) in the three months to March, compared with HK$345 million a year earlier, representing 20.5 per cent of overall sales in Hong Kong during the period.
However, this fell short of the pre-Covid level when mainlanders bought HK$12.8 billion of life and medical policies in Hong Kong in the first quarter of 2019, representing 26.4 per cent of total.
Leading players such as AIA, HSBC Life, Manulife and Prudential reported strong growth in sales to mainland visitors during the period, helped by the full reopening of the border between Hong Kong and the mainland on January 8.
“The opening of the Hong Kong and mainland China border has certainly been a key driver of sales growth in the first quarter this year,” said Edward Moncreiffe, CEO for Hong Kong and Macau at HSBC Life. “We have seen strong pent-up demand from mainland visitors and Hongkongers for our health and wealth solutions.”
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HSBC Life was the top ranked insurer in the first quarter, with a market share of 21.7 per cent.
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