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Insurance

Insurance
Stories about the insurance industry, including life, general, property and casualty insurance
The impact of Beijing tax policy changes will be negligible, according to Ping An executives. Photo: Shutterstock
Banking & finance

Ping An eyes Hong Kong ETFs after nod on cross-border investment

China’s largest insurer downplays tax changes, shares positive outlook after reporting 36 per cent profit growth.

Ping An Insurance

Chinese insurer Ping An’s profit rises 36% on policy sales, investments

AIA

Mainland Chinese investors continue to buy insurance policies in Hong Kong: AIA

Hong Kong property

Prudential Hong Kong expands headquarters across Swire Properties’ towers

Company boosts office footprint despite insurance sector’s concerns over China’s tax clampdown.

The expansion positions Prudential for its next phase of growth, according to the company. Photo: Getty Images
Banking & finance

Beijing urges mainland insurers to invest in Hong Kong-listed ETFs

Hong Kong’s status as global financial centre receives a boost as China’s financial regulator touts city’s exchange-traded funds.

Wealth management

Even Hong Kong’s rich expect to work past retirement age, survey says

More people plan to work longer and ‘blend work, family responsibilities and personal aspirations’, Manulife Hong Kong CEO says.

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United States

Luigi Mangione pleads guilty in federal case, admits he killed insurance CEO

Resolving the federal case ⁠could allow Mangione to seek dismissal of state murder charges under New York’s double jeopardy law.

Luigi Mangione attends a pre-trial appearance at Manhattan Criminal Court in New York City on Tuesday. Photo: Reuters
Hong Kong

Insurance Authority to prioritise broadening of regional clientele: CEO

In response to changes to mainland tax enforcement, Clement Cheung says city has to make itself ‘less vulnerable and more competitive’.

Banking & finance

Hong Kong insurers to weather Beijing’s tax shift with 8-10% premium growth: S&P

Credit-rating agency says heightened scrutiny likely to create compliance hurdles, not destroy demand.

IA

Exclusive | Hong Kong to reappoint insurance regulator as industry braces for tough period

Insurance Authority CEO Clement Cheung will be reappointed on Friday to help industry navigate Beijing’s tax clampdown, sources said.

Insurance Authority CEO Clement Cheung. Photo: Handout
Gun violence in the US

Luigi Mangione expected to plead guilty in US CEO killing

Prosecutors will recommend he serve life in prison for the fatal shooting of UnitedHealth Group executive Brian Thompson.

Luigi Mangione appears at Manhattan Criminal Court in New York on Tuesday. Photo: Reuters
Chinese offshore investment

Opinion | Beijing’s offshore insurance tax tests Hong Kong wealth management

While markets initially fell, more transparent cross-border oversight could strengthen the city’s credibility as a wealth management centre.

HSBC

HSBC reshuffles insurance division after CEO’s surprise departure: internal memo

Two Asia-based executives will replace outgoing global insurance CEO Edward Moncreiffe, who has resigned, according to a company document.

Hong Kong property

Hong Kong property recovery faces new risk as Beijing widens offshore tax net

Potential taxation of offshore property income could curb mainland demand, while weaker insurance activity hits decentralised office markets.

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Testing times could lie ahead for Hong Kong’s property market if Beijing’s crackdown on offshore wealth extends to offshore rental income and capital gains tax, affecting investors. Photo: Sam Tsang
Banking & finance

Don’t panic: China says 20% offshore insurance tax does not target Hong Kong

Beijing urged the market not to overreact to the policy – which it stressed was not new – after reports of the tax triggered a sell-off in Hong Kong.

The share prices of major financial firms in Hong Kong dipped on Thursday, after reports of that Chinese authorities had started levying a 20 per cent tax on gains from offshore insurance policies. Photo: SCMP/Sam Tsang
Hong Kong stock market

As Hong Kong shares react to 20% levy report, investors eye Beijing’s next steps

Prudential, AIA and HSBC slid following report of the insurance levy, though Goldman Sachs says profit fallout may be limited.

Wealth management

Sun Life targets Asia’s booming wealth transfer market with new platform

Insurer joins global scramble to serve Asian clients looking to transfer wealth to next generation via insurance products.

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Banking & finance

Shifting priorities: how affluent buyers fuel Hong Kong’s record insurance sales

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

A sales agent promotes insurance policies to tourists in Tsim Sha Tsui, Hong Kong. Photo: Eugene Lee
Banking & finance

HSBC agrees to US$2 billion deal to sell Singapore insurance branch to Allianz

Allianz is set to buy the bank’s Singapore insurance arm, entering a 15-year distribution pact as HSBC streamlines its global operations.

Shenzhen

Shenzhen aircraft takes flight in Hong Kong under pioneering insurance plan

Shenzhen’s eVTOL aircraft secures cross-border insurance for Hong Kong flights, boosting the Greater Bay Area’s low-altitude economy.

Animal welfare in Hong Kong

Watchdog urges pet owners to be mindful of terms and conditions of insurance plans

Consumer Council issues warning less than week after more than 900 restaurants legally allowed to welcome dogs on premises.

Secretary for Environment and Ecology Tse Chin-wan (centre in white) greets patrons and their dogs at a restaurant in the West Kowloon Cultural District, on the first day the scheme came into effect. Photo: Sam Tsang
Hong Kong economy

The Peninsula’s owner and SF Holding set up captive insurers in Hong Kong

The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth.

Peninsula Hotel in Tsim Sha Tsui, Hong Kong, taken in April 2018. Photo: SCMP/Winson Wong
Hong Kong economy

Hong Kong’s war-risk pool testament to collaboration, insurance leader says

Five local insurers built marine war-risk pool to address uncertainties over unstable conditions in the Middle East.

China’s private sector

Final insurance frontier: Hong Kong sees opening in mainland China’s space boom

Like maritime trade centuries ago, the space economy is built on high-risk, high-value journeys. Hong Kong wants to be its insurance hub.

Hong Kong economy

Opinion | Can Hong Kong make a giant leap to commercial space insurance?

The explosive growth of China’s commercial space business, combined with geopolitical realities, gives the city a captive market.

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Illustration: Craig Stephens
China economy

Opinion | Can Hong Kong break London’s maritime insurance grip?

An alternative system is needed to end Washington and London’s ability to weaponise maritime insurance for their geopolitical ends.

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Illustration: Craig Stephens
Hong Kong society

Initiative tackles insurance barriers for autistic children in Hong Kong

With fears of blanket refusals hanging over families, non-profit organisation has stepped in to help secure insurance through advocacy and support.

US-China tech war

Who pays when rockets explode? China rushes to insure SpaceX’s rivals

Wave of Chinese insurers is underwriting rockets and satellites, turning space risk into a new front in the China-US rivalry.

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