Manulife Hong Kong has launched Genesis, a new participating life-insurance savings plan designed to help customers accelerate their long-term savings. With Genesis, customers only need to pay premiums for five years to enjoy a total internal rate of return (TIRR) of up to 4.29% at the end of the 10th policy year, and a TIRR of up to 7.19% at the end of the 100th policy year, allowing for potential wealth transfer to the next generation.
Peak Re has expanded its structured solutions team. The newly-created team will operate independently and maintain a close working relationship with Peak Re's P&C and L&H business teams.
Moody's Ratings (Moody's) has changed the outlook to 'Stable' from 'Negative' of Peak Reinsurance (Peak Re) and it affirms the reinsurer's 'Baa1' insurance financial strength rating (IFSR) and the 'Baa3 (hyb') backed subordinated debt rating of the subordinated perpetual securities issued by Peak Re (BVI) Holding'. These securities are irrevocably and unconditionally guaranteed by Peak Re.
Hong Kong's Insurance Authority (IA) held its Insurance-linked Securities (ILS) Conference earlier in April 2024. The conference, tailored specifically for institutional investors and related professional service providers, was the first of its kind.
Hong Kong's Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) have conducted their first joint operation targeting corrupt conduct in the unlicensed sale of insurance policies to mainland Chinese visitors (MCVs).
Hong Kong's temperature on 24 March 2024 was the highest recorded during the month of March in 140 years.
Hong Kong-headquartered Peak Reinsurance has reported a record net profit of $200m in 2023, turning around from a net loss of $261m in 2022, according to financial statements of Fosun International, a group which held 86.71% equity interest in the reinsurer at 31 December 2023.
In 2023, the Monetary Authority of Singapore (MAS) named four 'domestic systemically important insurers' - AIA Singapore, Income Insurance, Prudential Assurance and Great Eastern Life Assurance.
KoverNow has appointed Mr John Trotter as chief sales officer and managing director. In his new role, he will be responsible for expanding KoverNow's customer base beyond Singapore and launching its digital insurance app in Hong Kong.
AIA Hong Kong & Macau has delivered exceptional business performance with growth on multiple fronts in 2023 - Value of New Business (VONB) up by 82%, Annualised New Premiums (ANP) up by 123%, making this geographical market segment the largest contributor to AIA Group's VONB, according to the 2023 financial results of AIA Group.