Manulife (International)'s re-domicile to HK shows confidence in city, says CEO

Manulife (International)’s plan to re-domicile from Bermuda to Hong Kong reflects its strong confidence in Hong Kong's position as a international financial hub and underscores its long-term commitment to the city, said its Asia president and chief executive Steve Finch. 

As the SAR’s largest MPF scheme provider, Manulife serves customers across various aspects, and therefore, re-domiciliation to Hong Kong is a logical decision, Finch said.

He highlighted Hong Kong’s significant contribution to the company’s Asian operations, noting that the group aims to have 50 percent of its core earnings come from Asia by 2027.

Finch pointed out two ways the insurance industry can support Hong Kong’s status as a financial hub. 

First, with the city’s aging population—projected to see one-third of residents aged 65 or older by 2050—there is a growing demand for health care services, which the insurance sector can address, he said.

Secondly, as Hong Kong is expected to surpass Switzerland to become the world’s largest wealth management center, Finch believes the insurance industry will play a vital role in serving high-net-worth individuals globally.

STAFF REPORTER