Hong Kong’s long-term insurance sector issued 109,813 new direct long-term policies in 2025, according to provisional data released by the Insurance Authority. The figures cover new business written across the market during the year, spanning protection, savings, and retirement-linked insurance products.
New direct long-term business generated significant premium volumes. Single premiums amounted to US$21.1 billion (HK$162.0 billion), while annualised premiums reached US$22.0 billion (HK$168.9 billion). These totals reflect the combined value of long-term insurance contracts issued over the reporting period.
Coverage expanded alongside premium growth. A total of 1.1 million lives were insured under new business written in 2025. The associated sums assured or annuities payable per annum reached US$96.5 billion (HK$742.1 billion), representing the aggregate level of financial protection and future income obligations linked to newly issued policies.
Participating business continued to account for the largest share of annualised premiums. It contributed US$19.5 billion (HK$149.7 billion) during the period. Within this segment, whole life products formed the dominant component, generating US$16.5 billion (HK$126.6 billion) in annualised premiums and US$15.7 billion (HK$121.0 billion) in single premiums.
Other participating product categories recorded comparatively smaller contributions. Endowment insurance accounted for US$1.0 billion (HK$7.9 billion) in annualised premiums. Immediate and deferred annuity products contributed US$1.5 billion (HK$11.2 billion), reflecting continued demand for retirement income solutions within the long-term insurance market.
By the end of December 2025, Hong Kong’s direct long-term in-force business totalled 16.1 million policies. These policies covered 1.4 million lives, indicating the cumulative scale of long-term insurance penetration in the market.
The total sums assured or annuities payable per annum for in-force business stood at US$1.4 trillion (HK$11.1 trillion), highlighting the substantial volume of ongoing contractual commitments held by insurers.
Premium inflows from in-force business also remained significant. Total direct long-term premiums receivable amounted to US$21.3 billion (HK$164.2 billion) in single premiums and US$20.6 billion (HK$158.4 billion) in non-single premiums, reflecting continued premium payments under existing policies.
Key figures for 2025
| Indicator |
US Dollar Value |
Hong Kong Dollar Value |
| New policies issued |
109,813 |
— |
| Lives covered (new business) |
1.1 million |
— |
| Single premiums (new business) |
21.1 billion |
162.0 billion |
| Annualised premiums (new business) |
22.0 billion |
168.9 billion |
| Sums assured / annuities (new business) |
96.5 billion |
742.1 billion |
| Participating business (annualised premiums) |
19.5 billion |
149.7 billion |
| Whole life (annualised premiums) |
16.5 billion |
126.6 billion |
| Endowment (annualised premiums) |
1.0 billion |
7.9 billion |
| Annuities (annualised premiums) |
1.5 billion |
11.2 billion |
| In-force policies |
16.1 million |
— |
| Lives covered (in-force) |
1.4 million |
— |
| In-force sums assured / annuities |
1.4 trillion |
11.1 trillion |
| In-force single premiums |
21.3 billion |
164.2 billion |
| In-force non-single premiums |
20.6 billion |
158.4 billion |
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