Peak Reinsurance Company (Peak Re), the Hong Kong-based global reinsurer, has announced that it has achieved its best-ever net profit of $200m, as the reinsurer released its annual results for the year ended 31 December 2023.
The Hong Kong Federation of Insurers (HKFI) has announced the appointment of its Governing Committee for the term 2024/2025.
FTLife Insurance Company Limited, a life insurer in Hong Kong, has announced that it would change its company name to Chow Tai Fook Life Insurance Company Limited (CTF Life) and launch the new brand in the third quarter of this year, strengthening FTLife's collaboration with the diverse conglomerate of Chow Tai Fook Enterprises.
Manulife Hong Kong and Macau (Manulife) and Standard Chartered Bank (Hong Kong) Limited (Standard Chartered Hong Kong) have launched a distribution partnership. With immediate effect, Manulife is offering Standard Chartered Hong Kong's private banking clients a diverse range of solutions encompassing savings, protection, wealth accumulation, and legacy planning so as to cater to the unique financial needs of clients at different stages of life, empowering them to make the most of their wealth to achieve their financial goals.
The vast majority (69%) of companies in Hong Kong will look to add or enhance at least some of their insurance benefits for employees in the next two years, according to the results of a survey which are published in a new report titled "Asia Employee Benefits Report".
Manulife Hong Kong has launched Genesis, a new participating life-insurance savings plan designed to help customers accelerate their long-term savings. With Genesis, customers only need to pay premiums for five years to enjoy a total internal rate of return (TIRR) of up to 4.29% at the end of the 10th policy year, and a TIRR of up to 7.19% at the end of the 100th policy year, allowing for potential wealth transfer to the next generation.
Peak Re has expanded its structured solutions team. The newly-created team will operate independently and maintain a close working relationship with Peak Re's P&C and L&H business teams.
Moody's Ratings (Moody's) has changed the outlook to 'Stable' from 'Negative' of Peak Reinsurance (Peak Re) and it affirms the reinsurer's 'Baa1' insurance financial strength rating (IFSR) and the 'Baa3 (hyb') backed subordinated debt rating of the subordinated perpetual securities issued by Peak Re (BVI) Holding'. These securities are irrevocably and unconditionally guaranteed by Peak Re.
Hong Kong's Insurance Authority (IA) held its Insurance-linked Securities (ILS) Conference earlier in April 2024. The conference, tailored specifically for institutional investors and related professional service providers, was the first of its kind.
Hong Kong's Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) have conducted their first joint operation targeting corrupt conduct in the unlicensed sale of insurance policies to mainland Chinese visitors (MCVs).