Exclusive | Ping An eyes opportunities as more Hongkongers retire to the Greater Bay Area
- Some 88,000 Hong Kong residents aged 65 or above live in Guangdong province, 11 per cent higher than five years ago
Ping An Insurance (Group), mainland China’s largest insurer by market capitalisation, is planning to offer more products and services to capture growing opportunities among the increasing number of Hongkongers moving to other cities in the Greater Bay Area, according to a senior executive.
“When people talk about Greater Bay Area cross-border opportunities, the first thing people always think about is mainland Chinese people going to Hong Kong to buy life insurance,” Michael Guo Xiaotao, co-CEO of Ping An Insurance, said in an interview.
“But in fact, the integration also means more Hong Kong people are going to live or retire in mainland China, and they need insurance, medical, elderly care and car-insurance products. This is a trend that provides big opportunities for Ping An.”
Around 88,000 Hong Kong residents aged 65 or above were living in Guangdong province for most of their time at the end of 2022, an increase of about 11 per cent compared with five years earlier, according to Hong Kong government statistics.
“Ping An Group is one of the largest financial institutions in the Greater Bay Area,” he said. “Some of our Hong Kong customers have asked whether we have healthcare facilities or senior care services in the Greater Bay Area.”
The firm has partnered with the mainland’s top 100 hospitals and has about 50,000 in-house doctors and contracted external doctors. Ping An also has home-based senior care services for its life-insurance policyholders and is building three high-end senior care centres in Shenzhen, Guangzhou and Foshan.
