Zurich Debuts Life Business in Hong Kong

by swisschambei in Bank / Finance / Insurance

Zurich has set up a new subsidiary called Zurich Life Insurance (Hong Kong) which has been granted a life insurer’s license by the Hong Kong Insurance Authority. The new licence will allow Zurich Life to deliver products and solutions that are well-tailored to the needs and expectations of customers in the market, it said in a statement. Geoffrey Au, CEO of Life Insurance, Zurich Hong Kong, said, “We see tremendous growth prospects in the local life insurance segment given the strong demand from customers to find solutions for their long-term financial needs. Traditionally, there is a strong savings culture in Hong Kong, but amid a persistent low interest rate environment, people are looking for better ways to safeguard their finances and strengthen their investment portfolio – and many are looking towards life insurance products to fill this gap.” “Zurich Hong Kong has seen strong new business growth in life insurance – recording more than a 50% increase in annualized premium equivalent (“APE”) in the first quarter of 2021 compared to the previous quarter1. My team and I are very excited about this new milestone, which underpins our commitment to the Hong Kong insurance market and our ambition to further grow our business. It’s also particularly exciting that this launch coincides with Zurich Hong Kong’s 60-year anniversary in the market.”

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