Manulife becomes first insurer to redomicile in Hong Kong

Manulife (International), one of the biggest life insurers and pension providers in Hong Kong and Macau, has finished moving its domicile to Hong Kong from Bermuda, making it the first insurer to successfully complete the process under a new regime, according to a statement on Friday.\nThe insurer said the redomiciling was a “strategic milestone” that underscored its confidence in Hong Kong’s role as a leading international financial centre and reinforced the company’s long-standing commitment to the city’s insurance market.\n“This move reflects our deep-rooted belief in Hong Kong’s future and its importance to our business,” said Patrick Graham, CEO of Manulife Hong Kong and Macau. “Re-domiciling locally strengthens our alignment with Hong Kong’s robust regulatory framework and enables us to better serve our 2.6 million customers in both Hong Kong and Macau, advancing our ambition to be the No 1 choice for customers.”\nManulife is the first insurer to redomicile in Hong Kong after a law change in May that made the process simpler and easier. The legislation allows companies that are incorporated overseas to establish themselves in the city while maintaining their legal identity and business continuity.\nPreviously, a company that wanted to move its domicile had to close an existing entity and shift all assets and transactions to a new firm in Hong Kong.\nFrench insurer AXA’s local unit began the process on the law’s first day of implementation, but Manulife is the first insurer to complete it.\nSecretary for Financial Services and the Treasury Christopher Hui Ching-yu said on social media on Friday that he had met Manulife executives during a trip to Canada in May to promote the new legislation.\nMarket response to the new regime had been strong, Hui said, as the Companies Registry had approved four cases and was processing 20 applications from financial firms, holding companies, insurance companies and fund houses.\n“This reflects that these companies have confidence in the business environment of Hong Kong,” Hui said.\nThe Insurance Authority welcomed Manulife’s re-domiciliation, which reflected “the strengths and allure of our market, driven by Hong Kong’s position as an international financial centre, and connectivity among cities in the Guangdong-Hong Kong-Macau Greater Bay Area”, the regulator said in a statement on Friday.\n“The Insurance Authority will continue to work closely with all relevant parties to enable interested insurers to redomicile to Hong Kong under the streamlined and cost-effective regime, supporting the government’s vision to strengthen the headquarters economy.”\nIn October, a unit of PetroChina Investment (Hong Kong) became the first company approved to reincorporate in the city under the new law.\nIn September, two Hong Kong-listed companies under China Resources Group announced plans to redomicile from the Cayman Islands.\nThe pair are China Resources Beverage (Holdings), the country’s second-largest water bottler under the brand C’estbon, and its sister company, China Resources Building Materials Technology Holdings.\n