<div id="readability-page-1">Life insurance sales in Hong Kong rose 50.6 per cent to another record last year as affluent customers continued to buy policies in the city for wealth transfer, protection and medical needs. The industry wrote HK$330.9 billion (US$42.2 billion) in new life policies in 2025, compared with HK$219 billion a year earlier, which was also a record, according to data from the Insurance Authority released on Friday. The continuous growth of the business in recent years was due to more wealthy people setting up family offices in the city and using insurance policies to transfer wealth to the next generation, said Paul Murray, CEO of Swiss Re’s life and health business. Hong Kong does not charge estate duty and has offered tax incentives for single family offices since 2023, which Murray cited as factors attracting wealthy families. Hong Kong had more than 3,380 single-family offices operating in the city as of the end of 2025, an increase of about 680 over the past two years, according to a study by the Hong Kong Institute for Monetary and Financial Research. “The rise of millionaires in Hong Kong led to an increase in family offices because of its friendly jurisdiction, rule of law and low-tax regime,” Murray said. “They found Hong Kong to be an ideal location for succession planning, and that led to increased sales of insurance policies.” Murray added that high-net-worth policies paid out compensation quickly upon the demise of policyholders, helping family members avoid selling assets under unfavourable economic circumstances.  HSBC Life remained the top seller of new policies for the fourth year in a row, accounting for 15.5 per cent of sales, the Insurance Authority data showed. Daisy Tsang, CEO of HSBC Life Hong Kong and Macau, said insurance sales had been particularly strong in the high-net-worth segment in Asia. The rising number of affluent customers, driven by the growing Asian economy, was expanding the pool of individuals seeking to protect wealth and plan for intergenerational transfer, she said. A recent HSBC survey of 900 high-net-worth individuals found that 60 per cent had not yet taken part in wealth-transfer planning for their combined US$5.8 billion in wealth, representing a large population of potential new clients. “The internationalisation of wealth planning is strengthening Hong Kong’s role as a regional hub, with deep capital markets and a strong advisory ecosystem enabling it to capture both onshore and offshore demand across Asia,” Tsang said. “Asia’s ageing population is increasing demand for retirement and protection solutions as people live longer and spend more years outside the workforce.”  Swiss Re provided reinsurance to support direct insurers in offering these products, Murray said. “High-net-worth insurance is a very rapid area of growth in Hong Kong and other markets in the Asia-Pacific, where it holds around 30 per cent of the wealth of global high-net-worth individuals,” he said. Patrick Graham, CEO of Manulife Hong Kong and Macau, said mainland visitors remained a key growth driver for the Hong Kong insurance industry. “Hong Kong’s insurance industry maintained strong momentum throughout 2025, driven by sustained demand for savings, health, protection and legacy solutions,” Graham said. “Continued interest from both local customers and mainland Chinese visitors highlights Hong Kong’s strengths as a well-connected international financial centre and a key hub within the Greater Bay Area.” The number of mainland visitors to the city rose 11 per cent to 37.83 million last year, accounting for 76 per cent of total tourists, according to data from the Hong Kong Tourism Board.  The Insurance Authority did not disclose statistics on sales to mainland visitors last year, as it was reviewing how to define and identify mainland visitors and other overseas visitors. Graham said high-net-worth individuals were increasingly demanding cross-border and intergenerational wealth and legacy planning, reinforcing Hong Kong’s appeal as a preferred wealth-planning destination in Asia. BOC Life CEO Wilson Tang said there was strong demand for retirement products as a result of the ageing population. People aged 65 and above accounted for 22 per cent of Hong Kong’s 7.5 million residents last year, which would rise to 31 per cent by 2036, according to an official forecast. “The silver economy is providing new business opportunities for insurers,” Tang said. “BOC Life has provided retirement products to meet the needs of customers who want to retire and live in the Greater Bay Area and other mainland cities.” </div>

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<p>Life insurance sales in Hong Kong surged 50.6% to a record HK$330.9 billion (US$42.2 billion) in 2025, driven by affluent customers seeking wealth transfer and protection. The rise in family offices and tax incentives attracted wealthy families, with HSBC Life leading sales. Demand for high-net-worth policies is growing, supported by an ageing population and increased interest from mainland visitors. The insurance industry remains strong, capitalizing on Hong Kong's status as a financial hub and the need for retirement and legacy planning solutions.</p>

- Life insurance sales in Hong Kong surged 50.6% in 2025, reaching HK$330.9 billion, driven by affluent customers seeking wealth transfer and protection.  
- Factors such as tax incentives for family offices and the absence of estate duty attracted wealthy families to establish succession planning in the city.  
- The rising affluent population and demand for retirement solutions highlight Hong Kong's position as a key hub for wealth planning in Asia, particularly among high-net-worth individuals.

Life insurance sales in Hong Kong hit record amid ‘rise of millionaires’