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IA: HK 1-3Q24 New Office Premiums of Long Term Biz Hike by 15.7%, New Biz Premiums Derived from CN Visitors Dip 0.4%
Recommend 16 Positive 26 Negative 9 |
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The Insurance Authority of Hong Kong (IA) released the provisional business statistics for the first three quarters of 2024, with total gross premiums reaching $480.8 billion. Of which, new office premiums (excluding Retirement Scheme business) of long term business were $169.6 billion, up by 15.7%, mainly composed of an increase of 18% to $162 billion derived from Non-Linked individual business which can be further broken down into participating business of $141.4 billion and other businesses of $20.7 billion, as well as a fall of 19.7% to $7.2 billion derived from Linked individual business. Some 58,000 Qualifying Deferred Annuity Policies were issued that brought in $3.7 billion or 2.2% of the total premiums for individual business. During the period, new business premiums derived from Mainland visitors dipped by 0.4% YoY to $46.6 billion, representing 27.6% of total new new office premiums for individual business. A majority of these policies were settled at regular intervals. Whole life, critical illness and medical policies accounted for about 59%, 28% and 5% of them respectively. Having regard to the seasonal travelling pattern of Mainland visitors, the related business statistics will be released at semi-annually rather than quarterly intervals from 1Q25. AAStocks Financial News |
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