French insurer Axa’s Hong Kong unit, one of the city’s largest life and general insurers, has become the second insurance company to move its domicile to Hong Kong from Bermuda. The redomiciliation underscores strong confidence in Hong Kong’s strategic importance and growth potential, according to the company. At least three other local insurers, including the local unit of Canada’s Sun Life, are planning the same move, industry players say.
French insurer Axa’s Hong Kong unit—AXA China Region Insurance Company (Hong Kong)—has completed its redomiciliation from Bermuda to Hong Kong, becoming the second insurance company to do so. The announcement came in a company statement on Monday.
Sally Wan Yuen-wai, CEO of AXA Greater China, said: “The redomiciliation underscores our strong confidence in Hong Kong’s strategic importance and growth potential, and reflects our unwavering commitment to serving customers with resilience and innovation.” She added: “With this redomiciliation now complete, we are even better positioned to capitalise on Hong Kong’s vibrant momentum as Asia’s leading risk-management and insurance hub.”
“There’s clearly a high growing need for good quality healthcare and wealth planning solutions,” Wan said. “Opportunities in wealth protection and legacy planning for high-net-worth clients are also promising.”
Industry players say at least three other local insurers are planning the same move, including the local unit of Canada’s Sun Life. This trend highlights Hong Kong’s appeal as a financial hub in the Greater Bay Area. AXA’s Hong Kong unit is one of the city’s largest life and general insurers, and the shift aims to bolster its positioning in the Asian market.