Wealthy investors’ policy purchases propel Hong Kong life insurance sales to another peak

Life insurance sales in Hong Kong rose 56 per cent in the first nine months of last year to another record as affluent customers continued to buy policies in the city for wealth transfer, protection and medical needs.The industry wrote HK$264.5 billion (US$34 billion) worth of new policies from January to September, compared with HK$169.6 billion a year earlier, according to data from the Insurance Authority on Friday. It was the highest figure for the corresponding period since the authority was set up in 2016.“Hong Kong’s insurance industry has demonstrated solid momentum through the first three quarters of 2025, driven by sustained demand for savings, health and protection solutions from both local customers and Mainland visitors,” said Patrick Graham, CEO of Manulife Hong Kong and Macau.Graham said the trend showed Hong Kong continued to strengthen its position as an international hub for insurance and wealth management, attracting more high-net-worth individuals seeking wealth and legacy planning solutions in the city.Patrick Graham, CEO of Manulife Hong Kong and Macau. Photo: Xiaomei ChenThe regulator did not disclose sales to Mainland visitors during the period under review, as it previously said it would only release the data after reviewing how to classify non-local buyers.In 2024, the last time the authority unveiled Mainland data, cross-border visitors spent HK$62.8 billion on insurance products in Hong Kong, accounting for 28.6 per cent of overall sales. That was the second-highest on record after HK$72.7 billion in 2016.