Hong Kong's insurance regulator, the Insurance Authority (IA), released provisional statistics for 1H2025, with total gross premiums reaching HK$423.4bn ($54.5bn).
Long-term business
New office premiums (excluding retirement schemes) of long-term business were HK$173.7bn, a rise of 50%. This increase was mainly composed of HK$166.6bn, that was derived from non-linked individual business (with a rise of 49.7%).
The figures can be further broken down into participating business of HK$149.9bn and other businesses of HK$16.7bn, as well as HK$6.9bn from linked individual (that rose by 60.8%).
Approximately 44,000 qualifying deferred annuity policies were issued, which contributed HK$2.8bn (1.6%) of the total premiums for individual business.
Total revenue premiums of in-force policies were HK$365bn in 1H2025, a 33.7% spike that was mainly composed of HK$321.8bn derived from non-linked individual (+32.1%), HK$12.7bn (+18.6%) and HK$26.7bn from retirement schemes (+76.4%).
Total claims and benefits paid amounted to HK$191.9bn (+4.5%).
General business
In 1H2025, the total gross and net premiums of general business were HK$58.4bn and HK$39.9bn respectively, against which total gross claims of HK$25.6bn were paid. The overall operating profit was HK$6.5bn, of which HK$1.6bn represented underwriting profit.
The gross and net premiums of direct business were HK$30.7bn and HK$21bn respectively, while total gross claims paid amounted to HK$13.8bn.
The gross premiums mainly came from accident and health, general liability (comprising employees’ compensation) and property damage which contributed HK$14bn, HK$6.8bn and HK$3.5bn respectively. The overall underwriting profit of HK$1.4bn was largely driven by general liability (comprising employees’ compensation), accident and health and property damage, but partly offset by losses incurred by pecuniary loss.
On reinsurance inward business, gross and net premiums of HK$27.7bn and HK$18.9bn respectively were recorded, mainly coming from property damage, accident and health and general liability, against which total gross claims of HK$11.8bn were paid.
The overall underwriting profit was HK$200m, largely driven by property damage, but partly offset by losses incurred by general liability and motor.
There are no comparisons due to the implementation of the RBC regime in July 2024, according to the IA.