Manulife (International) announced it will re-domicile from Bermuda to Hong Kong from November, the second insurer pursuant to the government's new company re-domiciliation regime.
The decision reflects its strong confidence in Hong Kong's position as a premier international financial hub and underscores its commitment to serving clients better, the insurance company said in a statement on Friday.
The move will be subject to relevant regulatory approvals.
Policyholders’ existing policies, protection, and arrangements, including the terms and conditions of policies, as well as contractual rights, will remain unaffected after re-domiciliation, Manulife said, adding that clients can expect enhanced services and more innovative insurance solutions as it strengthens its presence in Hong Kong.
The announcement followed Secretary for Financial Services and the Treasury Christopher Hui Ching-yu’s visit to Canada late last month, where the insurer’s parent Manulife Financial (0945) is based. Hui met separately with the top executives of Manulife and Sun Life and encouraged them to re-domicile to Hong Kong, saying that the city is an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers.
Manulife’s French rival AXA's Hong Kong and Macau arm was the first insurance company to apply for the new company re-domiciliation regime when it was introduced last month.
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