While individual life and annuity (non-linked) business accounted for the lion’s share of new business in 1H17, premiums were down 5.4% to HK$75bn compared with 1H16.
In contrast, new business for linked individual life and annuity business were up a strong 158.8% to HK5.4bn over the same period.
Revenue premiums rise
The total amount of revenue premiums of all long term in-force insurance business was HK$211.2bn (£20.8bn, $27bn, €22.7bn) in the 1H17, increasing by 15.1% over the same period of 2016.
Of which, revenue premiums of individual life and annuity (non-linked) business increased by 16.1% to $181.2bn while those of individual life and annuity (linked) business increased by 8.3% to HK$15.1bn.
The figures were released by the HKIA, which was officially launched on 25 June 2017 to replace Hong Kong’s Office of the Commissioner of Insurance (OCI) which was disbanded on the same day.
The HKIA is independent and has been tasked with regulating and supervising the insurance industry.
Within two years, the authority will take over the direct regulation of insurance intermediaries from the three Self-Regulatory Organisations (SROs) through a statutory licensing regime.
These include the Insurance Agents Registration Board, the Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association.