Hong Kong Q1 Insurance Premiums Up 13 Percent
by Mary Swire, Lowtax.net, Hong Kong
02 September, 2014
Total gross premiums rose by 13.3 percent in the first half of this year to HKD162.7bn (USD21bn), Hong Kong's Office of the Commissioner of Insurance has announced.
New statistics, which compare business and premiums with values in the same period in 2013, will be seen as highly positive given Hong Kong's recent efforts to support the insurance sector. In the 2013-14 Budget, Hong Kong reduced profits tax on the offshore businesses of captive insurance companies from April, as part of an overall drive to attract insurance business to the territory.
The total revenue premiums of the long-term in-force business segment increased by 15.5 percent year-on-year to HKD139.6bn.
Individual Life & Annuity (Non-Linked) business increased by 25.7 percent to HKD104.1bn, recording 33.8 percent premium growth to HKD47bn.
Meanwhile, Individual Life & Annuity (Linked) business dropped 12.3 percent to HKD24.7bn, and premiums dropped by 27.8 percent to HKD7.6bn.
Long-term business new office premiums, excluding Retirement Scheme business, rose 19.8 percent to HKD54.9bn year-on-year.
Gross and net premiums of general insurance business recorded growth of 1.8 percent to HKD23.2bn, and 1 percent to HKD16.4bn, respectively.
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