Non linked individual business supplied $40.6b in new office premiums.

Hong Kong’s life insurers saw their revenue from premiums of in-force business surge 33.7% year-on-year (YoY).

This figure includes $82.3b (HK$632.7b) from non-linked individual policies, $3.9b (HK$30.2b) from linked policies, and $6.4b (HK$49.3b) from retirement schemes, preliminary data from the Insurance Authority showed.

During the same period, the industry paid out $47.2b (HK$363b) in claims and benefits, a 3% increase on the previous year.

New office premiums (excluding Retirement Scheme business) of long-term business were $43.0b (HK$330.9b), jumping 50.6% YoY.

Most of this revenue came from non-linked individual businesses, which totalled $40.6b (HK$312.1b).

Industry-wide, total gross premiums in the industry rose to $107.5b (HK$827b) last year. This represents a 29.7% increase compared to 2024.

By the end of December 2025, the total assets held within the long-term business sector had grown to $0.7t (HK$5.4t), with net assets valued at $96.8b (HK$744.3b).

Ranked by total single premiums, Hang Seng Insurance led the market with $3.7b (HK$28.7b), followed by AIA International with $3.2b (HK$24.3b), FWD Life (Bermuda) with $2.7b (HK$21b), HSBC Life with $2.7b (HK$20.93b), and Manulife (International) with $2.4b (HK$18.4b).

AIA Hong Kong & Macau CEO, Alger Fung, said in a press release that this is the 12th consecutive year the company has ranked first in terms of the number of new business policies.

Meanwhile, Daisy Tsang, CEO, Hong Kong and Macau, HSBC Life, said separately, “We are honoured to maintain our industry leadership in Hong Kong for four consecutive years, having written $6.7b (HK$51.4b) in New Business Premiums in 2025. – This represents 40% year-on-year growth, confirming that our strategy to expand our products and services to meet evolving needs is delivering strong results,”

For Sun Life Hong Kong, the insurer’s annualised premium equivalent (APE) for full-year new business reached a record $1.5b (HK$11.8b), up 46% YoY.

“Building on the strong momentum of the previous year, we delivered remarkable results across all three major distribution channels — broker, agency and bancassurance – with full-year new business APE exceeding $1.3b (HK$10b) for the first time” Clement Lam, CEO, Sun Life Hong Kong, said in a separate statement.