Canadian insurer Manulife has completed its redomiciliation from Bermuda to Hong Kong, becoming the first to do so under new legislation. The move underscores the company's confidence in Hong Kong's future as a financial hub and aims to better serve its 2.6 million customers in Hong Kong and Macau.
Manulife Financial has announced that its Hong Kong and Macau operations have successfully redomiciled from Bermuda to Hong Kong, making it the first insurer to complete the process under new legislation. The company described the move as a "strategic milestone" that highlights its confidence in Hong Kong's position as a leading international financial centre and reinforces its long-standing commitment to the city's insurance market.
"This move reflects our deep-rooted belief in Hong Kong’s future and its importance to our business," said Patrick Graham, CEO of Manulife Hong Kong and Macau. "Re-domiciling locally strengthens our alignment with Hong Kong’s robust regulatory framework and enables us to better serve our 2.6 million customers in both Hong Kong and Macau, advancing our ambition to be the No 1 choice for customers."
Previously, companies seeking to change domicile had to close their existing entity and transfer all assets and transactions to a new Hong Kong firm. French insurer AXA's local unit initiated the process on the law's first day of implementation, but Manulife is the first to finalize it.
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, posted on social media on Friday that he had met Manulife executives during a May trip to Canada to promote the new legislation. The law aims to facilitate corporate relocations to Hong Kong, supporting development in the Guangdong-Hong Kong-Macao Greater Bay Area.
This development signals Hong Kong's efforts to attract international businesses, particularly in the insurance sector. Manulife, with a long history in the city, expects the redomiciliation to enhance operational efficiency and customer service.