Hong Kong 9M 2025 premiums hit $82.8b as growth surges 32.5%

Revenue premiums from in-force policies climbed 36.6% to reach a total of $72b.

Hong Kong’s total gross premiums for the first three quarters of 2025 reached $82.8b (HK$637b), up 32.5% year-on-year (YoY), driven mainly by strong growth in long-term business, data from the Insurance Authority showed.

New office premiums for long-term business, excluding retirement schemes, rose 55.9% YoY to $34.4b (HK$264.5b).

This was led by non-linked individual business, which generated $32.7b (HK$251.5b), up 55.2% YoY, including $29.4b (HK$226.3b) from participating policies and $3.3b (HK$25.2b) from other products.

Linked individual business contributed $1.7b (HK$12.7b), up 75.7% YoY.

About 50,000 qualifying deferred annuity policies were issued during the period, bringing in $0.4b (HK$3.2b), or 1.2% of total individual business premiums.

Total revenue premiums from in-force long-term policies climbed 36.6% YoY to $72.0b (HK$554.1b).

Non-linked individual business accounted for $63.5b (HK$488.2b), up 36.2% YoY, whilst linked business contributed $2.8b (HK$21.5b), up 27.8% YoY, and retirement scheme business added $5.1b (HK$39b), up 53% YoY.

Claims and benefits paid reached $36.3b (HK$279.4b), a 3.4% YoY increase. As of 30 September 2025, total assets under long-term business stood at $0.7t (HK$5.28t), with net assets of $95.1b (HK$731.7b).

In general insurance, total gross and net premiums for the first three quarters were $10.8b (HK$82.9b) and $7.3b (HK$56b), up 10.5% YoY and 8.3% YoY, respectively. Gross claims fell slightly by 0.9% YoY to $4.9b (HK$38b).

Overall operating profit rose 50.5% YoY to $1.3b (HK$10.1b), supported by a 63% YoY increase in underwriting profit to $0.5b (HK$3.5b).

Direct general insurance business recorded gross premiums of $5.7b (HK$44.2b), up 11.9%, and net premiums of $4.0b (HK$30.4b), up 9.1% YoY, with gross claims rising 5.9% YoY to $2.7b (HK$21b).

Growth was mainly driven by onshore accident and health insurance, which generated $2.5b (HK$19.4b) in premiums, up 11.3% YoY, and returned to an underwriting profit of $0.1b (HK$0.5b) from a loss a year earlier.

Reinsurance inward business posted gross premiums of $5.0b (HK$38.7b), up 9% YoY, and net premiums of $3.3b (HK$25.6b), up 7.3% YoY, whilst gross claims fell 8.2% YoY to $2.2b (HK$17.1b).

Premium growth was led by offshore property damage and motor insurance, and underwriting profit of $0.04b (HK$0.3b) was supported by reserve releases in offshore property damage.

As of end-September 2025, total assets of the general insurance sector reached $43.6b (HK$335.5b), with net assets of $17.6b (HK$135.1b).

Outliers
On the insurer side, HSBC Life saw its new business premiums and annualised new premiums record market shares of 16.8% and 19.1% respectively in the first three quarters of 2025.

HSBC Life said the company bagged $5.8b (HK$44.5b) during the quarter.

“Looking ahead, we are confident in the foundational role of insurance and are optimistic about the continuing opportunity to serve not only our local and mainland Chinese customers but also international clients across the region who seek Hong Kong’s world-class financial services. The strong momentum of 2025 provides an excellent foundation for the year ahead,” Daisy Tsang, Chief Executive Officer, Hong Kong and Macau, HSBC Life, said in a press release.

Meanwhile, AIA Hong Kong said in a media release that it led the market in terms of the number of new business policies during the period.

“This remarkable 11-year leadership streak underscores our exceptional market strength and the enduring confidence our customers place in us,” it stated.

($1.00 = HK$7.80)