Called Health Up, the new digital insurance plan combines term life and accidental death coverage with a suite of annual health and wellness benefits.
Mainland China visitors (MCVs) to Hong Kong contributed new business premiums to the territory's insurance market, totalling HK$62.8bn ($8.1bn), an increase of 6.5% over 2023. The figure made up 28.6% of total new office premiums for individual business, according to data released by the Hong Kong Insurance Authority.
Hong Kong Life has launched a number of innovative health service initiatives in the market.
Hong Kong Life has launched the second wave of its health service initiative, the "Mannings PharmaCare" offer.
The first captive insurer formed by a multinational enterprise based in Hong Kong has received authorisation from the Insurance Authority (IA).
Peak Re announced its full-year financial results for the year ended 31 December 2024. With a net profit after tax of $187m - the company's second-best results in its twelve-year history - the company demonstrated resilience and sustained profitability amidst a turbulent risk environment. The Reinsurer's return on adjusted equity stood at a healthy 15.7%, and total equity rose to $1.43bn, supported by strong underwriting and investment performance across all lines of business.
AIA announced a 13% growth in value of new business (VONB) on constant exchange rates for the first quarter ended 31 March 2025.
Manulife Hong Kong has launched two critical illness insurance plans aimed at addressing income-loss concerns during long-term treatment for serious health conditions.
Peak Re has announced the successful issuance of the second CAT bond, via Black Kite Re, a special purpose insurer (SPI) in Hong Kong. Building on the success of its inaugural 2022 issuance, this transaction secures $50m in retrocessional reinsurance protection, extending coverage in Japan to earthquake and typhoon risks while introducing parametric earthquake protection for China and India.
According to Prudential, in 1Q2025, new business profit on a traditional embedded value went up 12% to $608m, annual premium equivalent (APE) sales went up 4% to $1.7bn and new the new business margin increased by two percentage points.