HSBC Life remains leader in HK's new business premiums

HSBC Life said it continued to be the market leader in Hong Kong with a 23.6% share in H1 in terms of new business premiums. Its new business premiums increased by 1.2 times to about HKD19bn in the first six months from a year ago. BOC Life also said its value of new business soared by 84% to HKD964m over the same period. The Insurance Authority has reported that new business premiums from mainlanders jumped 150% in the H1 from a year ago, while total gross premiums dropped 2.3% to HKD299.9bn. Total revenue premiums of in-force long-term business fell 3.3% to HKD264.7bn in H1, while new office premiums - excluding retirement scheme business - of long-term business rose 1.7% to HKD81.9bn.