HSBC posted a 179% increase in its banking distribution channel whilst Manulife recorded 236%.

Hong Kong’s life insurance premiums rose 89% year on year in the second quarter of 2026, driven by growth across agents, banks and brokers, although the number of new policies remained largely flat, according to Jefferies.

In its report dated 27 October, the investment bank said premium growth was widespread across distribution channels, with insurers recording a 91% increase and banks seeing an 86% rise in premiums during the quarter.

Agent-distributed premiums grew 40% year on year in the second quarter, with several major insurers recording stronger growth than the wider market.

AIA’s premiums from agents rose 42%, whilst Manulife recorded a 228% increase and FWD reported growth of 73%. Prudential’s premiums grew by a slower 5%, although the group has identified accelerating growth in the channel as a key focus.

Bancassurance, through which banks sell insurance products to customers, recorded 102% year-on-year growth in the second quarter, despite significant quarterly fluctuations.

HSBC led the channel with a 179% increase in premiums. Manulife’s bancassurance premiums rose 236%, whilst FWD recorded growth of 78% and Hang Seng Bank reported an 8% increase.

Jefferies said bancassurance growth appeared to be linked to customers’ expectations of interest rate movements, with insurance sales moving in the opposite direction to bank deposit flows.

Broker-distributed premiums also increased, rising 119% year on year in the second quarter. Brokers have become the largest distribution channel for both Manulife and FWD, with premiums rising 329% and 81%, respectively.

Despite the strong premium growth, the number of policies showed little improvement and fell 6% year on year in the second quarter across the market.

Jefferies said the disparity suggested that higher premiums per policy, rather than an increase in the number of policies sold, were the main driver of growth.

Premiums per policy rose 101% year on year in the quarter. Whilst premium income per agent has also increased, Jefferies said there was little evidence that agents were selling more policies.

The investment bank said the trend suggested that customer demand, rather than improved sales productivity alone, was driving the increase in premiums.

It also raised the possibility that investors and consumers in mainland China and Hong Kong were beginning to shift more of their assets away from property and bank deposits towards life insurance and financial market investments.

Jefferies said growth across Hong Kong’s life insurance market was broad-based, creating opportunities for insurers and distribution channels.

It added that overall market growth was more important than individual companies’ or channels’ market share.