Hong Kong’s insurance business continues to gain strength, with total gross premiums rising 32.5% to HK$637 billion ( US$81.68 billion ) in the first three quarters of 2025, compared with the same period a year earlier, according to provisional statistics from the Insurance Authority ( IA ).  

In terms of long-term business, new office premiums ( excluding retirement scheme business ) surged 55.9% to HK$264.5 billion, mainly composed of HK$251.5 billion from non-linked individual business ( up 55.2% ) and HK$12.7 billion from linked individual business ( up 75.7% ). The sector issued some 50,000 qualifying deferred annuity policies during the period, contributing HK$3.2 billion or 1.2% of the total premiums for individual business.

As of September 30 2025, total assets under long-term business grew to HK$5,284.1 billion, while net assets reached HK$731.7 billion.

In terms of general business, total gross premiums rose 10.5% to HK$82.9 billion while net premiums increased 8.3% to HK$56 billion, against which total gross claims paid declined 0.9% to HK$38 billion. The overall operating profit fell 50.5% to HK$10.1 billion, of which HK$3.5 billion was attributable to underwriting profit ( up 63% ).

Total assets under general business grew to HK$335.5 billion, with net assets reaching HK$135.1 billion.

Growth engine

The latest IA statistics come as economic activity in the special administrative region remains strong, with the government forecasting a 3.2% GDP growth for the entire 2025, driven by robust exports, especially in electronics, increased tourist arrivals, and a rebounding financial services sector.

Another growth engine for the local insurance business has been the rising demand from mainland Chinese visitors for savings, health, and protection products, as well as from high-net-worth individuals ( HNWIs ) for wealth management services, analysts say.

Based on the IA data, HSBC Life says it has solidified its leading position in the life insurance market, ranking first for both new business premiums and annualized new premiums, with market shares of 16.8% and 19.1% respectively during the period.

“We are honoured to have maintained our position as the leading life insurer in Hong Kong, with over HK$44.46 billion in new business premiums written in the first three quarters of 2025,” says Daisy Tsang, HSBC Life’s chief executive officer for Hong Kong and Macau. “This sustained performance is a testament to the deep trust our customers place in us as their lifelong financial partner, particularly during a period of economic uncertainty, which has underscored the value of stability and long-term planning.

“We see customers increasingly valuing comprehensive and adaptable solutions for protection, wealth, and legacy planning. 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,” she adds.