Friday, September 22, 2017

Growth of non-linked life premiums drops in HK

Hong Kong saw a drop in non-linked individual life and annuity premiums during the first six months of the year, while linked life business enjoyed a steep increase in its growth rate, according to the latest data from the newly created Hong Kong Insurance Authority (HKIA).

Statistics showed that individual life and annuity (non-linked) business in Hong Kong took up the bulk of the share of new business during the first half of the year, but premiums were down 5.4% to HK$75 billion (US$9.58 billion) from the same period last year.

In contrast, the value of new business for linked individual life and annuity business rose 158.8% to H$K5.4 billion.

The HKIA data further revealed that the total amount of revenue premiums of all long term in-force insurance business was HK$211.2 billion in the first half, or an increase of 15.1% from the same period last year.

 

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