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New business insurance premiums from mainlanders up 235%

Hong Kong's Insurance Authority disclosed that new business premiums from mainlanders jumped 235% in Q1 compared to last year's low base, while total gross premiums rose 0.5% to HKD158.2bn (USD20bn). It said that total revenue premiums of in-force long-term business edged down by 0.2% year-on-year to HKD138.9bn in the first three months, and new office premiums - excluding retirement scheme business - of long-term business also dropped 4.2% to HKD42.4bn. HSBC Life said its new business premiums in Q1 jumped by 71% from a year ago, and BOC Life said its new business profit for the period reached HKD3.63bn. Manulife Hong Kong said it sold 16% more medical policies in the March quarter compared to a year ago.

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