Hong Kong Life Insurance Sales Soar to US$22.3 Billion Due to High-Net-Worth Demand
Life insurance sales in Hong Kong reached an impressive US$22.3 billion in the first half of 2025, marking a staggering 50% increase compared to the same period last year. This surge is largely attributed to the heightened interest in wealth management and estate planning among high-net-worth individuals in the region, as well as from mainland China. According to the Insurance Authority, the industry issued HK$173.7 billion worth of new life policies, setting a record for the highest sales since the authority’s inception in 2016.
Demand for savings, health, and protection solutions has propelled Hong Kong’s insurance industry into a robust growth phase, stated Patrick Graham, CEO of Manulife Hong Kong and Macau. He emphasized that Hong Kong has firmly established itself as a premier international insurance and wealth management hub. Increasingly, family offices are emerging, indicating a growing trend in using insurance to facilitate financial security and legacy planning amid rising longevity.
A survey conducted by Manulife and Deloitte revealed that nearly 60% of high-net-worth individuals across mainland China, Hong Kong, Macau, and Taiwan prefer insurance policies as a means to transfer wealth to future generations. Recently, Chief Executive John Lee Ka-chiu announced an ambitious target to attract 220 new family offices to Hong Kong by 2028, following the successful establishment of 200 offices between 2023 and 2025.
Despite not disclosing specific sales figures for mainland visitors, industry leaders like Graham noted that these tourists are significant buyers of local insurance products. Last year, mainland visitors invested HK$62.8 billion in life policies, accounting for 28.6% of total sales, making it the second-highest year on record.
In terms of market leadership, HSBC Life maintained a strong position with over HK$30.57 billion in new business premiums during the first half of the year, securing a 17.6% market share. Daisy Tsang, CEO of HSBC Life for Hong Kong and Macau, commented, These figures reflect not only the vibrancy of the market but also an enduring demand for comprehensive savings and wealth management solutions.
With the aging population in Hong Kong—22% of residents were over 65 last year, projected to rise to 31% by 2036—financial solutions tailored to retirement planning are expected to gain further traction. Tsang concluded, We remain optimistic about future growth, as addressing the needs of this demographic will be pivotal for the industry.
In summary, the significant rise in Hong Kong life insurance sales, driven by high-net-worth individuals and a focus on wealth management, highlights the region’s continued evolution as a leading insurance market. This growing demand for innovative financial solutions underscores a dynamic and promising future for the industry.