25 July 2025
The Insurance Authority (IA) today (25 July 2025) released provisional statistics for the first quarter of 2025, with total gross premiums reaching $220.3 billion.
Long term business
New office premiums (excluding Retirement Scheme business) of long term business were $93.4 billion (increased by 43.1%), mainly composed of $90.1 billion derived from Non-Linked individual business (increased by 42.3%) which can be further broken down into participating business of $81.7 billion and other businesses of $8.3 billion, as well as $3.2 billion from Linked individual business (increased by 74.8%). Around 35,000 Qualifying Deferred Annuity Policies were issued that contributed $2.2 billion or 2.4% of the total premiums for individual business.
Total revenue premiums of in-force business were $189.1 billion in the first quarter of 2025 (increased by 31.1%), mainly composed of $169 billion derived from Non-Linked individual business (increased by 29.5%), $6.2 billion from Linked business (increased by 23.4%) and $11.7 billion from Retirement Scheme business (increased by 73.2%). Moreover, the total claims and benefits paid to policy holders amounted to $94.3 billion (decreased by 7.4%)1.
Since we are conducting a comprehensive review of the scope and criteria concerning data collection on non-local policy holders, separate statistics regarding Mainland visitors will not be published pending the completion of this exercise.
General business
The total gross and net premiums of general business in the first quarter of 2025 were $31.2 billion and $20.6 billion respectively, against which total gross claims of $12.2 billion were paid. The overall operating profit was $2.7 billion, out of which $0.9 billion was underwriting profit.
On direct general business, gross and net premiums were $17.1 billion and $11.3 billion respectively, against which total gross claims of $6.7 billion were paid. The gross premiums of Accident & Health business, General Liability (comprising Employees’ Compensation) business and Marine, Aviation, and Transport business were $8 billion, $3.3 billion and $2.2 billion respectively. The overall underwriting profit was $1.1 billion, mainly derived from General Liability (comprising Employees’ Compensation) business, Pecuniary Loss business and Accident & Health business.
On reinsurance inward business, the gross and net premiums were $14.1 billion and $9.3 billion respectively, against which total gross claims of $5.5 billion were paid. The gross premiums mainly came from Property Damage business, Accident & Health business and General Liability business. The overall underwriting loss was $0.2 billion, mainly attributable to General Liability business and Motor Vehicle business.
Due to implementation of the Risk-based Capital regime on 1 July 2024, it is inappropriate to compare outturn of the general sector with corresponding figures published before. A summary of the provisional statistics is at Annex. Related information on assets and liabilities of the Hong Kong insurance market is also available at the IA website.
Ends
Note:
1 Including lapsation/surrender benefits of $51.2 billion, as well as other claims and benefits of $43.2 billion.