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Insurance premiums up 13.3%

August 29, 2014

The Hong Kong insurance industry's total gross premiums in the first half of this year amounted to $162.7 billion, up 13.3% over the same period last year, the Office of the Commissioner of Insurance announced today.

 

Long-term in-force business revenue premiums amounted to $139.6 billion, up 15.5% year-on-year.

 

Individual Life & Annuity (Non-Linked) business increased 25.7% to $104.1 billion while Individual Life & Annuity (Linked) business dropped 12.3% to $24.7 billion. Retirement Scheme business contributions grew 2.2% to $8.4 billion.

 

Long-term business new office premiums, excluding Retirement Scheme business, rose 19.8% to $54.9 billion year-on-year. Individual Life & Annuity (Non-Linked) business recorded 33.8% premium growth to $47 billion, while Individual Life & Annuity (Linked) business premiums dropped 27.8% to $7.6 billion.

 

Gross and net premiums of general insurance business recorded growth of 1.8% to $23.2 billion and 1% to $16.4 billion. Overall underwriting profit maintained at $1.5 billion.

 

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