Life insurance sales in Hong Kong hit record amid ‘rise of millionaires’
Industry wrote US$42.2 billion in new life policies last year, ‘capturing both onshore and offshore demand across Asia’, HSBC Life CEO says
Life insurance sales in Hong Kong rose 50.6 per cent to another record last year as affluent customers continued to buy policies in the city for wealth transfer, protection and medical needs.
The continuous growth of the business in recent years was due to more wealthy people setting up family offices in the city and using insurance policies to transfer wealth to the next generation, said Paul Murray, CEO of Swiss Re’s life and health business.
Hong Kong does not charge estate duty and has offered tax incentives for single family offices since 2023, which Murray cited as factors attracting wealthy families.
Hong Kong had more than 3,380 single-family offices operating in the city as of the end of 2025, an increase of about 680 over the past two years, according to a study by the Hong Kong Institute for Monetary and Financial Research.
“The rise of millionaires in Hong Kong led to an increase in family offices because of its friendly jurisdiction, rule of law and low-tax regime,” Murray said. “They found Hong Kong to be an ideal location for succession planning, and that led to increased sales of insurance policies.”