What’s new: China Pacific Life Insurance (HK) Co. Ltd., a subsidiary of China Pacific Insurance Co. Ltd., obtained a license from Hong Kong regulators to conduct life insurance business in the city, the company said Wednesday.
China Pacific Life Insurance (HK) secured the business license in November, allowing the company to offer policies specializing in health management, wealth management and pensions starting in January, said Candy Yuen, chief executive China Pacific Life Insurance (HK).
The business expansion is part of China Pacific Insurance’s strategy to increase its presence in the Greater Bay Area, a region that is expected to be China’s new growth engine under an ambitious regional integration plan.
The context: China Pacific Life Insurance (HK) is a wholly owned subsidiary of China Pacific Life Insurance, one of the country’s biggest life insurers.
The license makes China Pacific Insurance the third mainland-based insurer to enter the Hong Kong life insurance market, following China Taiping Insurance Holdings and China Life Insurance Co. Ltd.
Hong Kong’s insurance market is highly competitive. According to official data, the city had 165 licensed insurers in operation as of the end of September, including 97 locally registered firms and 21 from other countries and regions.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (hello@caixin.com)
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