Hong Kong has approved nearly half of the 30 applications under the re-domiciliation regime, as French insurance giant AXA completed re-domiciliation to Hong Kong on Monday.
AXA's Hong Kong and Macau said it has completed the re-domiciliation of AXA China Region Insurance Company (Bermuda) from Bermuda to Hong Kong, with the company being renamed to AXA China Region Insurance Company (Hong Kong).
"By leveraging Hong Kong's robust financial ecosystem and its increasing importance as a regional insurance hub and a global risk management centre, we look forward to capturing the opportunities arising from the region and achieving greater success in the future,” said Sally Wan, chief executive of AXA Greater China.
Since the introduction of the re-domiciliation regime last year, Hong Kong has received over 30 applications for re-domiciliation, with 14 of them getting approvals, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said.
With more and more financial institutions undergoing or considering re-domiciliation, he believed that the city's role as a safe harbour would offer confidence for overseas firms to relocate their businesses in Hong Kong amid global shifts.
