Life insurance sales in Hong Kong soared by 50 per cent in the first half of 2025, reaching a record-breaking US$22.3 billion (HK$173.7 billion), according to the Insurance Authority. The surge reflects a growing appetite among high-net-worth individuals (HNWIs) in Hong Kong and mainland China for wealth management and estate planning solutions. The figure marks a significant increase from HK$115.9 billion recorded a year earlier and represents the strongest first-half performance since the regulator’s establishment in 2016.
Patrick Graham, CEO of Manulife Hong Kong and Macau, attributed the momentum to sustained demand for comprehensive financial protection. “Hong Kong’s insurance industry has maintained its robust growth trajectory in the first half of 2025, supported by the rising demand for savings, health, and protection solutions,” Graham said. He emphasized that Hong Kong has reinforced its position as a leading global hub for insurance and wealth management.
Family Offices and Wealth Transfer Shape Market Dynamics
Graham added that the city’s increasing number of family offices has been a crucial driver of this expansion. “With a growing number of family offices, the insurance industry will play an increasingly vital role in helping individuals and families achieve financial security, health resilience, and legacy planning amid rising longevity,” he noted.
According to a joint survey conducted by Manulife and Deloitte in February, nearly 60 per cent of HNWIs across mainland China, Hong Kong, Macau, and Taiwan prefer to use insurance policies as vehicles for intergenerational wealth transfer. This trend underscores the deepening integration between insurance products and long-term wealth preservation strategies in the region.
Government Policies Bolster Hong Kong’s Appeal as a Wealth Hub
In his latest policy address, Hong Kong Chief Executive John Lee Ka-chiu set a new target of attracting 220 additional family offices by 2028, following the government’s success in bringing in 200 such firms between 2023 and 2025. These family offices, established by affluent families, focus on investment management, succession planning, and philanthropy — sectors that increasingly intersect with life insurance and financial protection services.
Mainland Visitors Remain a Key Force in Insurance Demand
Although the Insurance Authority has not disclosed detailed data on life policy sales to mainland visitors for the first half of 2025, industry experts confirm their vital contribution to market growth. Graham highlighted that both mainland visitors and local high-net-worth clients were the primary buyers of Hong Kong’s life insurance products, using them as instruments for financial planning, medical cost management, and legacy transfer.
In 2024, mainland visitors purchased life insurance policies worth HK$62.8 billion in Hong Kong — equivalent to 28.6 per cent of total sales — making it the second-highest level on record after HK$72.7 billion in 2016. Meanwhile, the Hong Kong Tourism Board reported that mainland arrivals rose by 11.2 per cent to 25.7 million during the first eight months of 2025, representing 76 per cent of all tourists visiting the city.
HSBC Life Leads the Market with Strong Performance
HSBC Life maintained its dominant position in Hong Kong’s life insurance sector, generating HK$30.57 billion in new business premiums during the first half of the year — a 17.6 per cent share of the total market. Daisy Tsang, CEO of HSBC Life for Hong Kong and Macau, stated that Hong Kong’s status as a world-class financial center continues to underpin the sector’s success. “These latest results reflect both the vibrancy of the Hong Kong market and the growing demand for holistic savings and wealth management solutions,” she said.
Tsang also pointed to wealth management and retirement planning as the key growth engines for the future. To meet the needs of an ageing population, HSBC Life has launched its first Longevity Centre in Hong Kong, offering specialized financial planning services for retirees and elderly clients.
Ageing Population Creates Long-Term Opportunities
According to government data, residents aged 65 and older accounted for 22 per cent of Hong Kong’s 7.5 million population in 2024, a figure projected to reach 31 per cent by 2036. This demographic shift is fueling heightened demand for retirement and healthcare-related insurance solutions.
“We are optimistic about the road ahead and foresee growing popularity for products addressing longevity and retirement planning,” Tsang added. “Hong Kong’s life insurance market is poised to remain a cornerstone of the city’s financial ecosystem, catering to both local and cross-border clients seeking sustainable and secure wealth solutions.”
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