AXA’s local unit becomes second insurer to redomicile from Bermuda to Hong Kong

French insurer AXA’s Hong Kong unit, one of the city’s largest life and general insurers, has become the second insurance company to move its domicile to Hong Kong from Bermuda, according to a statement on Monday.At least three other local insurers, including the local unit of Canada’s Sun Life, were planning the same move after a law change in May simplified the process, according to industry players.AXA was the first to begin the process after the rule change, but Manulife International was the first insurer to complete the move, in December.“The redomiciliation underscores our strong confidence in Hong Kong’s strategic importance and growth potential, and reflects our unwavering commitment to serving customers with resilience and innovation,” said Sally Wan Yuen-wai, CEO of AXA Greater China.“With this redomiciliation now complete, we are even better positioned to capitalise on Hong Kong’s vibrant momentum as Asia’s leading risk-management and insurance hub.”Wan said Hong Kong was a gateway to the Greater Bay Area, where insurance penetration was low, making it a high-growth area. The Greater Bay Area comprises Hong Kong, Macau and nine mainland cities in Guangdong province.“There’s clearly a high growing need for good quality healthcare and wealth planning solutions,” Wan said. “Opportunities in wealth protection and legacy planning for high-net-worth clients are also promising.”