Hong Kong’s 50 biggest insurers posted weaker results in 2024, with total premiums declining as softer savings inflows and tougher competition weighed on the market, even as demand for protection and wealth products held up.

Olivia Tirona

, Hong Kong

This is based connected nan caller information released by nan Insurance Authority for nan 2024 fiscal year.

Hong Kong’s 50 biggest insurers posted weaker results successful 2024, pinch full premiums declining arsenic softer savings inflows and tougher title weighed connected nan market, moreover arsenic request for protection and wealthiness products held up.

Premiums among nan apical 50 insurers fell 2.5% twelvemonth connected twelvemonth to $77.4b (HK$605.2b) from 2023, according to nan 2024 Hong Kong Insurance Rankings compiled by nan mag utilizing information from nan Hong Kong Insurance Authority.

For nan wide market, gross premiums slipped 1.9% to $81.2b (HK$635.2b).

Life security remained nan biggest segment, accounting for 42% of full premiums. They filled nan apical 10 spots successful nan rankings, and each but 1 posted maturation contempt nan broader decline.

AIA International Ltd. led nan list, pinch premiums rising 1.3% to $11.3b (HK$88.2b). Manulife (International) Ltd. followed, posting 50.9% growth, whilst Prudential Hong Kong Ltd. classed 3rd pinch a 5.2% increase.

HSBC Life (International) Ltd. took 4th spot aft expanding 18.3%, and China Life Insurance (Overseas) Company Ltd. came successful 5th pinch 4.6% growth.

Hang Seng Insurance Company Ltd. and BOC Group Life Assurance Company Ltd. posted gains of 50.4% and 22.9%, respectively, whilst FWD Life Insurance Company (Bermuda) Ltd. roseate 24.1% to unafraid nan eighth spot.

AXA China Region Insurance Company Ltd. astatine No. 9 was nan only institution successful nan apical 10 to station a decline, pinch premiums falling 10.9%.
Sun Life Hong Kong Ltd. classed 10th and delivered nan strongest maturation among nan group, pinch premiums climbing 51.1% to

$2.6b (HK$20.2b).

Despite nan wide driblet successful premiums, starring insurers said underlying request remained patient heading into 2025 and 2026.
Ken Lau, managing head of Greater China and Hong Kong CEO astatine FWD, said nan institution kept beardown momentum successful 2024, supported by description successful some section and offshore markets.

Provisional information from nan regulator for nan first 3 quarters of 2025 showed FWD Hong Kong’s caller business first-year premium jumping 93%, whilst yearly premium balanced accrued 74% from a twelvemonth earlier, compared pinch 43% maturation for nan manufacture complete nan aforesaid period, Lau said.

FWD’s “dual-focus approach,” which centred astir nan section marketplace whilst seizing opportunities successful nan Greater Bay Area, made this possible, Lau said successful an emailed reply to questions.

Sun Life Hong Kong besides pointed to merchandise improvement and distribution strength. CEO Clement Lam said results were driven by a attraction connected high-net-worth clients and a multi-channel approach, including its exclusive bancassurance business pinch Dah Sing Bank.

The insurer led nan brokerage transmission pinch an yearly premium balanced of $741.5m (HK$5.8b) and 90% maturation crossed distribution channels.

For nan first 3 quarters of 2025, annualised premium balanced exceeded $1.1b (HK$8.4b), up 30% twelvemonth connected year, pinch Sun Life maintaining its apical position successful agent sales.

“The preamble of Hong Kong’s first indexed cosmopolitan life security for master investors successful May further expanded our high-net-worth customer business,” Lam said successful an emailed reply to questions.

Lam said he remains optimistic astir Hong Kong’s security market. “We spot balanced opportunities crossed nan high-net-worth segment, pinch increasing request for status planning, wealthiness preservation, and cross-border mobility,” he said.

He added that request for savings, healthcare and status products is apt to turn steadily successful nan coming year.

Below is nan array of nan Hong Kong Insurance Rankings* 2025:

*Note that this year's version is not comparable pinch nan erstwhile year's edition. Gross premiums were gathered from nan Insurance Authority's yearly information for some long-term/life and wide security business. The array ranks information for nan yearly twelvemonth 2024 against 2023.

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