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Enoch Yiu

Life insurance sales in Hong Kong rose 51 per cent in the first quarter to another record high, driven by affluent customers from mainland China and overseas buying policies for wealth transfer, protection and medical needs.
The industry wrote HK$141.1 billion (US$18 billion) in new life policies in the first quarter, compared with HK$93.4 billion a year earlier, according to data from the Insurance Authority released on Friday.
It marked the third year that first-quarter sales hit a record high since the authority was established in 2016.
Demand for products addressing longevity among Hongkongers was a key driver, said Wilton Kee Wing-tao, CEO of Manulife Hong Kong and Macau.
“Customers are increasingly planning for longer, healthier and more financially secure lives, while rising demand for wealth accumulation, legacy and intergenerational wealth planning has further strengthened the appeal of insurance solutions,” Kee said.
“These shifting priorities are converging with Hong Kong’s rising stature as a leading global financial centre and family office hub, creating a strong platform for insurers to help customers plan across life stages and generations.”
In December, Manulife’s Hong Kong unit became the first major global insurer to redomicile from Bermuda to the city to capture growing opportunities.
High-net-worth individuals continue to be a key driver for demand in insurance, as they seek solutions that can simultaneously help grow, preserve and pass on wealth to future generations
Daisy Tsang, CEO of HSBC Life Hong Kong and Macau
Hong Kong had more than 3,380 single-family offices at the end of 2025, an increase of about 680 over the two years, according to a study by the Hong Kong Institute for Monetary and Financial Research.
HSBC Life remained the market leader in new life insurance sales in the first quarter, with market share at 26.6 per cent, according to Insurance Authority data. The unit of HSBC Holdings has held the top spot for the past four years.
Daisy Tsang, CEO of HSBC Life Hong Kong and Macau, said the insurer had attracted customers from 50 nationalities, underscoring the city’s appeal to international visitors from Asia and the Middle East seeking wealth management solutions.
“International money continues to flow in, particularly from the wealth segment, supported by the growing number of family offices establishing themselves in Hong Kong,” she said.
Visitor arrivals rose 17 per cent to 14 million in the first quarter, with 77 per cent coming from mainland China, according to data from the Hong Kong Tourism Board.
Many visitors are buying insurance and wealth products during their trips, according to insurers.
The Insurance Authority has not disclosed data for mainland visitors since last year, citing a review of how to define and identify them alongside other overseas buyers.
“High-net-worth individuals continue to be a key driver for demand in insurance, as they seek solutions that can simultaneously help grow, preserve and pass on wealth to future generations,” Tsang said.
“Insurance is poised to play a critical role for Hong Kong as it continues to establish itself as a leading financial and risk management hub, especially with its increasing relevance for supporting ageing populations.”


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Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs


Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs.


Hong Kong insurers ride affluent demand to record sales as longevity and legacy needs grow

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs

Mainland China and overseas wealth, alongside family offices, is driving insurance demand in the city to new highs