Annual Long Term Business Statistics

(All dollars expressed in the Annual Long Term Business Statistics are Hong Kong Dollars.)

(Percentage changes in brackets in the following paragraphs represent changes over 2021)

Office premiums of in-force long term business were $473.6 billion in 2022 (decreased by 8.9%), continued to be dominated by the Individual Life category which contributed $424.3 billion (decreased by 8.7%) or 89.6% of the total. The number of policies in this category was 14.0 million, carrying net liabilities of $2,249.3 billion.

On the other hand, the total office premiums of new Individual Life business was at $127.5 billion (decreased by 16.3%), derived from $112.6 billion of Non-linked business (decreased by 7.5%) and $14.9 billion from Linked business (decreased by 51.3%). The number of new policies was around 760,000 (decreased by 23.1%). Meanwhile, new Individual Annuity business decreased by 35.7% to $7.7 billion. In 2022, around 29,000 QDAPs were sold, contributing total annualized premiums amounting to $2.0 billion.

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