Hong Kong insurers' total gross premiums for the first quarter rose by 32.3 percent year-on-year to HK$291.6 billion, of which new office premiums of long-term business jumped over 50 percent, data from the Insurance Authority showed on Friday.
New office premiums of long-term business, excluding Retirement Scheme business, recorded HK$141.1 billion during the period, up 51.1 percent.
Among them, premiums from non-linked individual business also soared by 50.2 percent to HK$135.3 billion, which can be further broken down into participating business of HK$125.7 billion and other businesses of HK$9.7 billion, the regulator said.
Premiums from linked individual business were HK$5.7 billion during the period, up by 77.2 percent from a year ago.
Total revenue premiums of in-force business increased by 35.6 percent to HK$256.4 billion in the first quarter, mainly consisting of a 38.1 percent growth in HK$233.5 billion derived from non-linked individual business.
Linked individual business increased by 39 percent to HK$8.6 billion, and the retirement scheme business inched up by 3.2 percent to HK$12.1 billion.
Total claims and benefits paid amounted to HK$92.3 billion, down 2.1 percent from the prior year.
For the first quarter, the total gross and net premiums of general business were HK $35.2 billion and HK$23.1 billion, respectively, against which total gross claims of HK$14.4 billion were paid. Its overall operating profit was HK$4.1 billion, of which HK$2.6 billion represented underwriting profit.
