Love Actuary #189 : Insights from 4Q25 Hong Kong life insurance market data

研报英文原文证据摘录

Love Actuary #189 : Insights from 4Q25 Hong Kong life insurance market data

J P M O R G A N Europe Equity Research

15 May 2026

Love Actuary

#189 : Insights from 4Q25 Hong Kong life insurance

market data

• Sector continued to see double-digit growth. The Hong Kong life insurance European Insurance

AC industry reported another quarter of solid new business (APE) growth of 21% Farooq Hanif

in 4Q25, with FY25 growth landing at 38% (vs 28% in FY24). This has been (44 207) 742-8091

underpinned by healthy growth in Mainland Chinese Visitor (MCV) volumes, farooq.hanif@jpmorgan.com

which expanded 11% in 2025. Importantly, positive MCV momentum has Kamran M Hossain

continued into 2026, with double-digit percentage growth year-to-date, which (44-20) 3493-3780

should remain supportive of industry sales. Our analysis in a previous Love kamran.hossain@jpmorgan.com

Actuary identified a strong positive correlation between MCV volumes and Bingdi Fan, CFA

Hong Kong new business sales. (44-20) 7742-5336

bingdi.fan@jpmorgan.com

• Margin over volume remains the priority at Prudential. PRU maintained Nadia Claressa

fourth place by APE in FY25 with a 9% market share, behind HSBC Life (44-20) 7134-7613

(18%), BOC Life (14%), and AIA (12%). While its APE growth of ~8% in nadia.claressa@jpmorgan.com

FY25 lagged the sector, PRU retained its position as the second-largest player J.P. Morgan Securities plc

by policy count with a 16% market share. In our view, this gap reflects PRU's

Specialist Sales contact details:

continued focus on higher-margin products (e.g., health & protection), which

tend to carry lower average ticket sizes, as opposed to savings-type policies that Gigi Sparling - Specialist Sales -

European Financials

are typically larger-ticket but lower-margin.