AXA takes the lead among insurers in moving legal domicile to Hong Kong under relaxed rules
Under the new law, a company that wants to redomicile to Hong Kong is no longer required to wind up its existing operations
AXA, one of Hong Kong’s largest insurers, announced on Friday that it plans to move the legal domicile of its Hong Kong-serving entity from Bermuda to Hong Kong, following a new law introduced by the government that allows companies to return to the city while retaining their legal identity and business continuity.
“We are excited to be among the first to redomicile to Hong Kong,” Sally Wan, CEO of AXA Greater China, said in a statement. “This move is not merely administrative; it is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting and compliance processes.”
This is part of a broader initiative that aligns with a goal set by Chief Executive John Lee Ka-chiu in December 2022 to turn the city into a global insurance hub. Life insurance sales in Hong Kong soared to a record last year, as residents and mainland Chinese visitors bought policies for protection, wealth management and estate planning, capping a second bumper year for the industry.
More insurers and other companies are expected to move back to the city. “The new law is not limited to insurance companies,” said Anthony Lau, Deloitte China tax partner. “Other overseas companies from different industry sectors may also consider the move. At Deloitte, we have seen about 10 clients analysing redomiciliation possibilities to Hong Kong.”
“As a key insurer in Hong Kong, we look forward to the opportunities that the redomiciliation regime presents,” a Manulife Hong Kong spokesperson told the Post.