Manulife becomes first insurer to redomicile in Hong Kong
Move from Bermuda ‘reflects our deep-rooted belief in Hong Kong’s future and its importance to our business,’ Hong Kong and Macau CEO says
The insurer said the redomiciling was a “strategic milestone” that underscored its confidence in Hong Kong’s role as a leading international financial centre and reinforced the company’s long-standing commitment to the city’s insurance market.
“This move reflects our deep-rooted belief in Hong Kong’s future and its importance to our business,” said Patrick Graham, CEO of Manulife Hong Kong and Macau. “Re-domiciling locally strengthens our alignment with Hong Kong’s robust regulatory framework and enables us to better serve our 2.6 million customers in both Hong Kong and Macau, advancing our ambition to be the No 1 choice for customers.”
Previously, a company that wanted to move its domicile had to close an existing entity and shift all assets and transactions to a new firm in Hong Kong.
French insurer AXA’s local unit began the process on the law’s first day of implementation, but Manulife is the first insurer to complete it.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said on social media on Friday that he had met Manulife executives during a trip to Canada in May to promote the new legislation.