Record HK insurance sales driven by mainland wealth transfer
Hong Kong's life insurance sector recorded a record $18 billion in first-quarter sales as high-net-worth individuals from mainland China and overseas increasingly use policies for intergenerational wealth transfer and longevity planning.
New life insurance premiums in Hong Kong surged 51% year-on-year to HK$141.1 billion (US$18 billion) in the first quarter, marking a third consecutive annual record for the period according to data released Friday by the Insurance Authority. The jump from HK$93.4 billion a year earlier underscores a structural shift in how the city's financial sector captures and manages regional wealth.
The growth is overwhelmingly driven by affluent mainland Chinese and overseas buyers utilizing insurance products for succession planning and asset preservation rather than basic protection. Hong Kong hosted over 3,380 single-family offices at the end of 2025, a net increase of roughly 680 over two years, creating a deep pool of demand for cross-generational wealth structures.
HSBC Life captured the lion's share of this influx, retaining its position as the market leader for the fourth straight year with a 26.6% share of new business. Chief Executive Daisy Tsang noted the firm drew clients from 50 different nationalities, pointing to capital inflows from across Asia and the Middle East. "International money continues to flow in, particularly from the wealth segment, supported by the growing number of family offices establishing themselves in Hong Kong," Tsang said.
Manulife is also aggressively positioning for this demand. Its Hong Kong unit redomiciled from Bermuda to the city in December specifically to capture these expanding local opportunities. Chief Executive Wilton Kee Wing-tao attributed the sector's expansion to clients planning for longer lives and shifting priorities toward legacy building. "These shifting priorities are converging with Hong Kong’s rising stature as a leading global financial centre and family office hub," Kee said.
The influx of mainland buyers is supported by broader travel trends. Visitor arrivals to Hong Kong rose 17% to 14 million in the first quarter, with 77% originating from mainland China. Insurers report that a significant portion of these travellers are purchasing wealth and insurance products during their stays.
For market participants, the data validates Hong Kong's successful pivot toward high-value wealth management and family office services. As regional demographics shift, Tsang noted that "insurance is poised to play a critical role for Hong Kong as it continues to establish itself as a leading financial and risk management hub, especially with its increasing relevance for supporting ageing populations."
